- Ripple price climbed sharply towards the $0.3500 resistance before sellers appeared against the US dollar.
- The price formed a high near $0.3489 and recently corrected lower sharply below $0.3400.
- There is a key bullish trend line formed with support at $0.3270 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above $0.3260 and the 100 hourly SMA to bounce back in the near term.
Ripple price gained traction before starting a downside correction against the US Dollar and bitcoin. XRP could bounce back as long as it is above the $0.3260 support area.
Ripple Price Analysis
Yesterday, there was a strong upward move initiated after ripple price broke the $0.3250 resistance against the US Dollar. The XRP/USD pair gained bullish momentum and traded above the $0.3300 and $0.3400 resistance levels. The upward move was such that the price traded towards the $0.3500 resistance area, where sellers appeared. A new weekly high was formed at $0.3489 before the price started a major downside correction. It broke the $0.3400 support and the 23.6% Fib retracement level of the last upside from the $0.3133 low to $0.3489 high.
The decline was such that the price even broke the $0.3320 support area, and the 50% Fib retracement level of the last upside from the $0.3133 low to $0.3489 high. However, the $0.3270-0.3280 area acted as a strong support. There is also a key bullish trend line formed with support at $0.3270 on the hourly chart of the XRP/USD pair. Besides, the 100 hourly simple moving average, currently near $0.3270 is also acting as a strong support. The price also tested the 61.8% Fib retracement level of the last upside from the $0.3133 low to $0.3489 high.
Therefore, there are chances of a fresh increase above the $0.3320 and $0.3350 levels in the near term. If buyers gain pace above the $0.3350 level, the price is likely to climb back above $0.3400. On the other hand, if there is a downside break below $0.3260 and the 100 hourly SMA, the price could move back in a bearish zone.
Looking at the chart, ripple price seems to be trading near key supports near $0.3260 and $0.3270. As long as the bulls are protecting the $0.3260 support, there are chances of a strong bullish reaction above $0.3350 in the coming sessions.
Hourly MACD – The MACD for XRP/USD moved into the bearish zone and it is slowly gaining pace.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined sharply below the 50 level and it is currently below 40.
Major Support Levels – $0.3270, $0.3260 and $0.3220.
Major Resistance Levels – $0.3320, $0.3350 and $0.3400.
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* First published on newsbtc.com