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- Ripple price started an upside correction after trading to a new monthly low at $0.2897 against the US dollar.
- The price is trading above the $0.3000 level, with a few positive signs.
- There was a break above a crucial bearish trend line with resistance near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher once it breaks the $0.3060-$0.3075 resistance area.
Ripple price is currently correcting losses against the US Dollar, while bitcoin is facing hurdles. XRP price could continue to climb higher as long as it is above $0.2950.
Ripple Price Analysis
Recently, there was a steady decline in ripple price below the $0.3050 and $0.3000 supports against the US Dollar. The XRP/USD pair even broke the $0.2950 support and the 100 hourly simple moving average. Finally, it tested the $0.2900 and traded to a new monthly low at $0.2897. Similarly, Ethereum price declined towards the $200 support area before starting an upside correction.
Ripple price formed a decent support above the $0.2900 level and recently corrected above $0.3000. There was a break above the 23.6% Fib retracement level of the last major drop from the $0.3316 high to $0.2897 low. Moreover, there was a break above a crucial bearish trend line with resistance near $0.2990 on the hourly chart of the XRP/USD pair.
The pair tested the $0.3050 resistance and it is currently consolidating above the 100 hourly SMA. On the upside, there are a few key resistances near $0.3075 and $0.3100. Moreover, the 50% Fib retracement level of the last major drop from the $0.3316 high to $0.2897 low is also near the $0.3100 area. Therefore, the price could accelerate gains if there is a break above $0.3075 and $0.3100.
On the downside, there is a decent support forming near $0.2950. Additionally, there is a connecting bullish trend line forming with support near $0.2950. Therefore, dips remains supported near $0.2950. If the price fails to stay above the $0.2950 support, there could be another slide towards the $0.2900 support. The next key support area is near the $0.2840 level.
Looking at the chart, ripple price is showing a few positive signs above the $0.2950 support area. However, the bulls need to gain traction above the $0.3050 and $0.3075 levels to push the price further higher. If they continue to struggle, there is a risk of a fresh decline towards $0.2900 or even $0.2840.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Levels – $0.3000, $0.2950 and $0.2900.
Major Resistance Levels – $0.3050, $0.3075 and $0.3100.
