- Ripple price formed a solid support near the $0.2940 and traded higher against the US dollar.
- There was a break above two key bearish trend lines with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price tested the $0.3040 and $0.3050 resistance levels, where sellers emerged.
- In the short term, there could be a minor downside correction before the price spikes above $0.3050 and $0.3080.
Ripple price is holding a few important supports against the US Dollar and Bitcoin. XRP/USD is likely to gain bullish momentum once buyers surpass the $0.3080 and $0.3100 resistance levels.
Ripple Price Analysis
After a few bearish moves, ripple price formed a solid support near the $0.2940 level against the US Dollar. The XRP/USD pair started a decent upside correction and traded above the $0.2960 and $0.2980 resistance levels. During the climb, the price broke the 50% Fib retracement level of the last drop from the $0.3088 high to $0.2940 low. It opened the doors for more gains above the $0.2980 resistance. Later, the price settled above the $0.3000 resistance and the 100 hourly simple moving average.
Besides, there was a break above two key bearish trend lines with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair traded close to the $0.3040 and $0.3050 resistance levels, where sellers emerged. The recent high was formed at $0.3044 and the price is currently consolidating. An initial support is near the 23.6% Fib retracement level of the recent wave from the $0.2940 low to $0.3044 high. However, the main support is near the $0.3000 level, which was a crucial resistance earlier.
The next support is near the $0.2990 level and the 50% Fib retracement level of the recent wave from the $0.2940 low to $0.3044 high. More importantly, the 100 hourly SMA is also near the $0.2900 level to act as a solid support in the near term. To the upside, an initial resistance is near the $0.3050 level, followed by $0.3080. The main resistance is close to the $0.3100 level, above which buyers are likely to gain strength.
Looking at the chart, ripple price seems to be placed nicely above the $0.3000 support. However, a proper break above $0.3040 and $0.3050 is needed for more gains. In the short term, there could be a few bearish moves, but the price is likely to gain pace above $0.3050 and $0.3080
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just placed well above the 60 level.
Major Support Level – $0.2990
Major Resistance Level – $0.3080
The post Ripple Price Analysis: XRP Likely To Gain Bullish Momentum Above $0.3100 appeared first on NewsBTC.
* First published on newsbtc.com
