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- Ripple price formed support near the $0.3610 level and recently recovered against the US dollar.
- The price traded towards $0.4300 and it is currently correcting lower towards $0.3900.
- There is a short term rising channel forming with support near $0.3950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to bounce back above $0.4100 or could decline sharply towards the $0.3610 support.
Ripple price seems to be following a decent bullish path against the US Dollar, but struggling vs bitcoin. XRP is likely to find a strong support near $0.3950 and it could climb back above $0.4100.
Ripple Price Analysis
After a strong decline, ripple price found support near the $0.3610 against the US Dollar. The XRP/USD pair started a decent rebound and traded above the $0.3850 and $0.4000 resistance levels. The recent recovered was convincing since the price traded towards $0.4200 and settled above the 100 hourly simple moving average. A swing high was formed at $0.4295 and the price recently corrected lower. It traded below the $0.4150 support and the 23.6% Fib retracement level of the recent leg from the $0.3632 low to $0.4295 high.
The price is now approaching a key support area near the $0.4000 and $0.3950 levels. There is also a short term rising channel forming with support near $0.3950 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent leg from the $0.3632 low to $0.4295 high is also near the $0.3960 level. Moreover, the 100 hourly simple moving average is also acting as a support near $0.3960. If there is a downside break below the $0.3960 support, there are chances of more losses.
The next key support is near the $0.3780 level. If there are further losses, the price may revisit the $0.3610 support area. Conversely, if the price bounce back, it could retest the $0.4200 and $0.4300 levels. Above $0.4300, the price is likely to rise towards the $0.4500 level.
Looking at the chart, ripple price is clearly trading near a few important supports near the $0.3950 level. Therefore, the price could either bounce back or break $0.3950 to decline further. The technical structure is positive and it seems like there are chances of a fresh increase above $0.4200 and $0.4300. However, a successful follow through above $0.4300 could open the doors for more gains in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone, with a few negative signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level, with a positive angle.
Major Support Levels – $0.3950, $0.3780 and $0.3610.
Major Resistance Levels – $0.4200, $0.4300 and $0.4500.
