- Ripple price found support above the $0.3100 level and recovered above $0.3300 against the US dollar.
- There was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could extend gains towards $0.3500 if there is a break above the $0.3360 resistance.
Ripple price recovered nicely in the past few hours against the US Dollar and Bitcoin. XRP/USD may target the $0.3500 resistance if it breaks $0.3360 and $0.3400.
Ripple Price Analysis
Recently, we saw a major drop below the $0.3400 support in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3360 and $0.3200 support levels. It traded close to the $0.3100 level and formed a low at $0.3112. Later, the price started consolidating losses with a bullish angle above $0.3200. Finally, sellers lost control, resulting in a sharp upward move above $0.3250. There was a break above the 23.6% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.
More importantly, there was a break above a major bearish trend line with resistance at $0.3200 on the hourly chart of the XRP/USD pair. The pair settled above the $0.3280 level and the 100 hourly simple moving average. However, the price ran into a key resistance near $0.3360 (the previous support and range high). The price is currently consolidating above $0.3280 and the 100 hourly SMA. Buyers need to gain strength above $0.3360 and $0.3375 to push the price further higher. The next stop for them could be near $0.3460. It coincides with the 50% Fib retracement level of the last major drop from the $0.3817 high to $0.3112 low.
Looking at the chart, ripple price made a nice upward move above the $0.3250 and $0.3280 levels. Having said that, a successful close above $0.3360 is needed for an acceleration to $0.3400 and $0.3500.
Hourly MACD – The MACD for XRP/USD could move back in the bearish zone, signaling a downside correction.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 55 level.
Major Support Level – $0.3250
Major Resistance Level – $0.3360
Source: Read Full Article