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Ripple initiated a downward correction from the $ 0.3080 resistance against the US dollar. The XRP price is trading above $ 0.2900 and must rise above $ 0.3000 for a new rally.
- Ripple initiated a sharp downward correction from the $ 0.3083 swing against the US dollar.
- The price is now trading below the $ 0.3000 resistance, but above the 100-hour simple moving average.
- An important uptrend line with support near $ 0.2880 is forming on the hourly chart of the XRP / USD pair (data source Kraken).
- The pair is likely to resume its rally if it breaks out of the $ 0.2960 and $ 0.3000 resistance levels.
Ripple Price is facing a key obstacle
This week, we saw a sharp rise in the ripple above the $ 0.2880 resistance zone. The XRP price even broke the $ 0.2920 resistance level and traded above the hourly simple moving average of 100.
Finally, there was a break above the $ 0.3000 level and the price traded to a new monthly high at $ 0.3083 before correcting to the downside. There has been a sharp drop below the $ 0.3000 support (similar to bitcoin and ETH).
The XRP price even broke the $ 0.2920 support level, but found support near the $ 0.2800 level. It recovered above the pivot level of $ 0.2880 again. There was a break above the 23.6% Fib retracement level of the downward move from the high $ 0.3083 to the low $ 0.2805.
Source: XRPUSD on TradingView.com
There appears to be a major bullish trend line forming with support near $ 0.2880 on the XRP / USD hourly chart. On the upside, the price is facing strong resistance near the $ 0.2960 level. It is close to the 50% Fib retracement level of the downside move from the high $ 0.3083 to the low $ 0.2805.
A clear break above the $ 0.2960 resistance level could pave the way for further upside above $ 0.3000. A positive close above $ 0.3000 could push the price towards the $ 0.3080 and $ 0.3120 levels.
Key holders for XRP
The first key support for Ripple is near the $ 0.2900 level. The next key support is forming near the $ 0.2880 level and a connecting bullish trend line.
The 100-hour SMA is also aligned with the support of the trend line and $ 0.2860. A clear break below the support of the trend line, the 100-hour SMA and $ 0.2850 could increase the chances of a steep decline.
Technical indicators
MACD Hourly – The MACD for XRP / USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently sloping down and is below the 50 level.
Major Support Levels: $ 0.2900, $ 0.2880 and $ 0.2850.
Major resistance levels: $ 0.2960, $ 0.3000 and $ 0.3080.
