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Key Highlights
- Ripple price recovered nicely after trading as low as $0.2700 against the US dollar.
- There are two bearish trend lines in place with resistance at $0.3080 and $0.3120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct further higher, but it could face a strong resistance near $0.3120.
Ripple price has recovered nicely against the US Dollar and Bitcoin. XRP/USD is now facing key resistances near the $0.3100 and $0.3120 levels.
Ripple Price Recovery
After trading towards the $0.2700 level, Ripple price found a strong buying interest against the US Dollar. The XRP/USD pair started a solid recovery and moved above the $0.2850 resistance. The upside move was solid as the price broke the $0.2900 resistance. There was also a break above the 23.6% fib retracement level of the recent slide from the $0.3400 high to $0.2700 swing low.
The price even traded a few points above the $0.3200 level. However, it faced a strong resistance near the $0.3035 level. It represents the 50% fib retracement level of the recent slide from the $0.3400 high to $0.2700 swing low. More importantly, there are two bearish trend lines in place with resistance at $0.3080 and $0.3120 on the hourly chart of the XRP/USD pair. The pair is currently trading in a tight range near the $0.3000 level. It could correct further higher, but the second trend line, the $0.3120 resistance and the 100 hourly SMA are important barriers. Therefore, it won’t be easy for buyers to push the price above $0.3120 and the 100 hourly SMA.
Looking at the chart, ripple price is showing positive signs above the $0.2850 level. It seems like the price may perhaps trade in a range above $0.2850 before making an attempt to clear $0.3120.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Level – $0.2850
Major Resistance Level – $0.3120
