- Ripple price seems to be struggling near the $0.3700 and $0.3740 resistances against the US dollar.
- The price corrected lower recently, but it stayed above the main support at $0.3480.
- There is a major bullish trend line forming with support near the $0.3510 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could either bounce back towards $0.3700 or decline below the $0.3480 support in the near term.
Ripple price is currently trading in a range against the US Dollar and bitcoin. XRP seems to be preparing for the next move either towards $0.3700 and $0.3740 or below the $0.3480 support.
Ripple Price Analysis
Recently, we saw a nice upward move above the $0.3500 level in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3650 resistance and the 100 hourly simple moving average. It climbed towards the $0.3800 level, but struggled to hold gains above the $0.3740 resistance. Later, there were a couple of attempts to surpass the $0.3740 resistance, but buyers failed to gain traction. As a result, there was a downside correction below $0.3600 and the price started trading in a range.
It broke the 50% Fib retracement level of the upward move from the $0.3256 low to $0.3790 high. However, the $0.3480 support area acted as a strong support and prevented declines. There was also no break below the 61.8% Fib retracement level of the upward move from the $0.3256 low to $0.3790 high. Besides, there is a major bullish trend line forming with support near the $0.3510 on the hourly chart of the XRP/USD pair. The pair is currently trading near $0.3550 and below the 100 hourly simple moving average.
There are two possible scenarios, with the pivot level at $0.3480. The price could bounce back and revisit the $0.3700 resistance level. Besides, a convincing break above the $0.3740 resistance may open the doors for more gains. Alternatively, there might be a downside break below the trend line and the $0.3480 support. In the mentioned bearish case, the price is likely to revisit the key $0.3250 support area.
Looking at the chart, ripple price is clearly trading in a range above the $0.3480 support level. It may continue to consolidate before the next key break either above $0.3740 or towards $0.3250. In case of a downside break, the price could turn short term bearish towards $0.3250 and $0.3160.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined recently and moved below the 50 level.
Major Support Levels – $0.3510, $0.3480 and $0.3250.
Major Resistance Levels – $0.3600, $0.3700 and $0.3740.
The post Ripple Price Analysis: XRP Trading Near Key Inflection Point appeared first on NewsBTC.
* First published on newsbtc.com
