- Ripple price started a fresh increase and it surged above $0.3000 against the US dollar.
- The price is currently correcting higher after trading to a new monthly high near $0.3040.
- Earlier, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is slowly correcting lower and it could find bids near the $0.2940 and $0.2920 levels.
Ripple price is moving nicely in a positive zone against the US Dollar and bitcoin. XRP price remains in an uptrend above $0.2900, while ETH and BTC are struggling.
Ripple Price Analysis
Yesterday, we saw a downside correction in ripple below the $0.2850 support area against the US Dollar. XRP price traded as low as $0.2783 and recently started a fresh increase. It is up more than 4% and cleared many hurdles near the $0.2900 and $0.2920 resistance levels. Moreover, there was a close above the $0.2900 level and the 100 hourly simple moving average.
During the rise, there was a break above a declining channel with resistance near $0.2860 on the hourly chart of the XRP/USD pair. The pair gained momentum above the $0.2950 and $0.3000 resistance levels. A new monthly high is formed near $0.3040 and the price is currently correcting. It is trading below the 23.6% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high.
On the downside, an immediate support is near the $0.2940 level. However, the main support is near the $0.2920 level. Additionally, the 50% Fib retracement level of the recent wave from the $0.2783 low to $0.3040 high is also near the $0.2915 level to provide support. If there are more downsides, ripple price could revisit the $0.2880 support area and the 100 hourly SMA.
On the upside, an initial resistance is near the $0.3000 and $0.3020 levels. If there is a successful close above $0.3020, the price could surge above the $0.3040 and $0.3050 levels in the near term. The next stop on the upside is near the $0.3100 level.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.2920 support area. Therefore, there are high chances of a decent upward move above the $0.3000 in the coming sessions. Only a close below $0.2880 may perhaps negate the current positive bias and start a fresh decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Major Support Levels – $0.2940, $0.2920 and $0.2880.
Major Resistance Levels – $0.3000, $0.3020 and $0.3040.
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