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Key Highlights
- Ripple price surged higher recently and broke the $0.3200 resistance level against the US dollar.
- There is a major contracting triangle in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct a few points, but it remains supported above the $0.3100 level.
Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD needs to gain above $0.3350 for a push towards the $0.3500 level.
Ripple Price Rise
Yesterday, we saw a solid rise above the $0.3000 level in Ripple price against the US Dollar. The XRP/USD pair remained in a solid trend and broke the $0.3200 and $0.3250 levels. It traded towards the $0.3350 level and later corrected lower. It moved below the 23.6% fib retracement level of the upward move from the $0.2658 low to $0.3358 high.
However, the price found a strong support around the $0.3100 level and bounced back. It seems like there is a major contracting triangle in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair. There is a chance that the price could dip a few points towards $0.3150 or $0.3100. Below these, the price may test the $0.3000 support zone. It represents the 50% fib retracement level of the upward move from the $0.2658 low to $0.3358 high. As long as the price is above the $0.3000 support, it remains well bid for more gains in the near term.
Looking at the chart, ripple price could continue to trade in a range above $0.3000. Finally, it will most likely make an attempt to surpass the $0.3350 and $0.3400 resistance levels. The next major hurdle for buyers is near the $0.3500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.3150
Major Resistance Level – $0.3300
