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Key points
- The price of the ripple has recently reorganized and has broken resistance from $ 0.3000 and $ 0.3200 against the US dollar.
- The key bearish trend line highlighted yesterday was surpassed with resistance to $ 0.2850 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair has exceeded the resistance of $ 0.3300 and may continue to move higher in the short term.
The price of the ripple jumped back into a bullish zone compared to the US dollar and Bitcoin. The XRP / USD could continue to rise towards the resistance zone by $ 0.3500.
Price analysis of undulations
There was a solid support formed above the $ 0.2800 level in ripple against the US dollar. The XRP / USD pair traded higher and broke resistance levels of $ 0.2950 and $ 0.3000. There was also a closing above the $ 0.3060 level and a simple 100-hour moving average. The recent upward move was strong when the price broke the resistance of $ 0.3200 and approached $ 0.3380.
During the upswing, yesterday's key bearish trend line was outstripped with resistance at $ 0.2850 on the hourly chart of the XRP / USD pair. The pair was traded up to $ 0.3377 and subsequently adjusted downwards. It has moved below the fiber retracement level of 23.6% of the last wave, from $ 0.2813 down to $ 0.3377 up. However, the $ 0.3100 level represented strong support and protected more losses. In addition, no 50% Fibra retracement test was conducted from the low of $ 0.2813 to $ 0.3377. The price is currently trading well above the support area of $ 0.3200 and it seems that it could increase further.
Looking at the chart, the ripple price could clear the peak of $ 0.3377 and rise to the resistance of $ 0.3500 or $ 0.3600. On the downside, there are many media, starting at $ 0.3200 and up to $ 0.3000.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly reducing its bullish bias.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently positioned well above level 65.
Main support level: $ 0.3200
Main resistance level: $ 0.3380
