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- The price of the ripple tested the support level of $ 0.3050 and then rebounded above $ 0.3120 against the US dollar.
- There was a break above an important bearish trend line with resistance at $ 0.3160 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently positioned well above $ 0.3160, but must break the resistance by $ 0.3220 for further gains.
The price of the ripple started a good recovery compared to the US dollar and Bitcoin. The XRP / USD is now facing a major obstacle close to $ 0.3220 and a 100-hour simple moving average.
Ripple Price analysis
Recently, there was a strong downward reaction below the support level of $ 0.3100 in ripple compared to the US dollar. The XRP / USD pair decreased below the $ 0.3080 support and tested the $ 0.3050 area. A new weekly minimum was formed at $ 0.3047 and then the price returned to good. He climbed above the resistance levels $ 0.3080, $ 0.3100 and $ 0.3130 to move into a positive zone. There was even a break above the Fib retracement level of 76.4% from the last decline, from $ 0.3217 upwards to $ 0.3047 below.
Furthermore, there was a break above an important bearish trend line with resistance at $ 0.3160 on the hourly chart of the XRP / USD pair. The pair repeated the score of $ 0.3217 swing and the 100-hour moving average. However, there was no break above the resistance of $ 0.3220 and the price is consolidating below the 100-hour SMA. There seems to be a short-term correction towards support levels of $ 0.3160 or $ 0.3140. Later, the price could recover and try to overcome the barrier of $ 0.3220. The next stop for buyers could be close to the $ 0.3320 level. Represents the 1.618 Fib extent of the last drop from $ 0.3217 up to $ 0.3047 at the bottom.
Looking at the chart, the price of ripple is slowly moving into a positive zone above $ 0.3180. However, a net break above the $ 0.3220 barrier is required for further gains over the short term.
Technical indicators
MACD schedule – The MACD for XRP / USD is slowly moving into the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above level 50.
Main support level: $ 0.3140
Main resistance level: $ 0.3220
