Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- Ripple price stayed above the $0.3200 support level, with a positive bias against the US dollar.
- This week’s followed key bullish trend line is in place with support near $0.3250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the $0.3250 and $0.3220 support levels to avoid a downside break.
- On the upside, a break above the $0.3300 and $0.3345 resistance levels could spark a rally.
Ripple price is consolidating above key supports against the US Dollar and bitcoin. XRP/USD needs to overcome sellers near $0.3345 to climb higher once again in the near term.
Ripple Price Analysis
Yesterday, we saw the start of a downside correction from the $0.3460 high in ripple price against the US Dollar. The XRP/USD pair declined below the $0.3300 and $0.3200 support levels. The decline was strong, but the $0.3150 support acted as a barrier for sellers. There was no close below $0.3150 and the price remained well above the 100 hourly simple moving average. A low was formed at $0.3158 and later the price started a fresh upward move. It climbed above the 23.6% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low.
Later, there was a spike above the $0.3300 resistance level. However, there was no close above the $0.3300-0.3310 resistance zone. The price even failed to stay above the 50% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low. On the upside, there are two connecting bearish trend lines in place with resistance near $0.3280 on the hourly chart of the XRP/USD pair. Buyers need to take out $0.3280 and $0.3300 levels to start a fresh upward move.
On the downside, this week’s followed key bullish trend line is in place with support near $0.3250 on the same chart. If there is a downside break below the $0.3250 and $0.3220 supports, there could be more losses. The next key support is near $0.3160 and the 100 hourly simple moving average.
Looking at the chart, ripple price is clearly approaching the next key break either above $0.3300 or below $0.3220. The current price action is slightly bearish, with chances of a break below $0.3320. However, the $0.3160 swing low and support holds the key. As long as the price is above $0.3160, there are chances a decent comeback above $0.3350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD dipped recently, but it managed to stay above the 50 level.
Major Support Levels – $0.3250, $0.3220 and $0.3160.
Major Resistance Levels – $0.3280, $0.3300 and $0.3345.
