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 traded higher nicely and settled above the $0.3100 support area against the US dollar.
- The price traded as high as $0.3198 recently and later corrected a few points below $0.3160.
- There is a key ascending channel in place with support at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate higher once it breaks the $0.3200 resistance area in the near term.
Ripple price is positioned for more upsides against the US Dollar and bitcoin. XRP/USD could rally towards $0.3250 and $0.3300 once it clears the $0.3200 resistance zone.
Ripple Price Analysis
Yesterday, there was a solid recovery in the crypto market, with gains in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair broke the $0.3080 and $0.3100 resistance levels to move into a bullish zone. Buyers even pushed the price above the $0.3120 resistance and the 100 hourly simple moving average. The upward move was strong and the price recently traded towards the $0.3200 resistance. Yesterday’s buying dips idea worked, but gains were capped by the $0.3200 resistance.
A swing high was formed at $0.3198 and later the price corrected lower. It broke the $0.3160 support and the 50% Fib retracement level of the last wave from the $0.3088 low to $.3198 high. However, the decline was protected by the $0.3140 support area. Besides, the 61.8% Fib retracement level of the last wave from the $0.3088 low to $.3198 high acted as a support. The price recovered and it is currently trading above the $0.3160 level.
More importantly, there is a key ascending channel in place with support at $0.3145 on the hourly chart of the XRP/USD pair. The pair could continue to move higher towards the $0.3200 resistance in the near term. If there is a proper break above the $0.3200 barrier, the price could accelerate higher towards the $0.3250 level. The next key resistance is near the $0.3300 level, where sellers may emerge. On the downside, a bearish break below the channel support might push the price towards the $0.3100 support.
Looking at the chart, ripple price is clearly placed nicely in a positive zone above the $0.3100 support level. However, the main support is near the $0.3080 level and the 100 hourly SMA. If there is a break below $0.3080, the price may turn bearish again.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently flat, with signs of a move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed nicely above the 50 level.
Major Support Levels – $0.3140, $0.3100 and $0.3080.
Major Resistance Levels – $0.3185, $0.3200 and $0.3250.
