- Ripple price is rising slowly and it is still below the $0.3150 resistance area against the US dollar.
- The price is facing a lot of hurdles on the upside near the $0.3120 and $0.3150 levels.
- There is a key bullish trend line forming with support near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Many altcoins, including TRX, ONT, NEO, and VET are up more than 20% in the past three sessions.
Ripple Price Analysis
In the past few days, we saw a sharp rally in bitcoin, Ethereum and a few major altcoins against the US Dollar. Ripple price also climbed higher and broke the $0.2850 and $0.3000 resistance levels.
Moreover, the price climbed above $0.3040 and settled above the 100 hourly simple moving average. A swing high was formed near $0.3149 before the price started a downside correction.
There was a break below the $0.3000 support area. Moreover, the price traded below the 23.6% Fib retracement level of the upward move from the $0.2470 low to $0.3179 high. Finally, there was a break below the $0.2950 support area.
However, the $0.2850 support area acted as a strong support along with the 100 hourly SMA. Besides, the price remained stable above the 50% Fib retracement level of the upward move from the $0.2470 low to $0.3179 high.
At the outset, ripple price is rising steadily and trading above the $0.3000 level. More importantly, there is a key bullish trend line forming with support near $0.2950 on the hourly chart of the XRP/USD pair.
If there is a downside break below the trend line, the price could revisit the $0.2850 support area and the 100 hourly SMA. Any further losses may perhaps increase bearish pressure and push the price back towards the $0.2750 support area.
On the upside, there are many hurdles near the $0.3040 and $0.3050 levels. If the price climbs higher steadily, it could revisit the $0.3150 resistance. A clear break above $0.3150 could push the price towards $0.3220.
Looking at the chart, ripple price is rising steadily, but with a slow pace above $0.3000. Therefore, there could be another minor dip towards $0.2900 or $0.2850 before the price starts a strong rise in the coming sessions.
Hourly MACD – The MACD for XRP/USD is likely to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower and it could test the 50 level.
Major Support Levels – $0.2950, $0.2900 and $0.2850.
Major Resistance Levels – $0.3050, $0.3120 and $0.3150.
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