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Key Key Aspects
- The price of the ripple has recovered nicely after trading at $ 0.2700 against the US dollar
- There are two downward trend lines in place with resistance to $ 0, 3080 and $ 0.3120 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could correct further higher, but could face strong resistance around $ 0.3120.
The price of the ripple recovered nicely against the US dollar and Bitcoin. The XRP / USD is now facing key resistances near the levels of $ 0.3100 and $ 0.3120.
Recovery of the price of undulations
After trading towards the $ 0.2700 level, Ripple's price found a strong buying interest compared to the US dollar. The pair XRP / USD started a solid recovery and outperformed $ 0.2850. The upside move was solid as the price broke the resistance by $ 0.2900. There was also a break above the fiber retracement level of 23.6% from the recent $ 0.3400 high in fluctuation to $ 0.2700 in low fluctuation.
The price was trading at a few points above the $ 0.3200 level. However, he faced a strong resistance near the $ 0.3035 level. Represents the 50% retracement level of the recent $ 0.3400 high drop to $ 0.2700 in low fluctuation. More importantly, there are two downtrend lines in place with resistance at $ 0.3080 and $ 0.3120 on the hourly chart of the XRP / USD pair. The pair is currently trading in a narrow band close to the $ 0.3000 level. It could correct further, but the second trend line, the resistance of $ 0.3120 and the 100-hour SMA are important obstacles. Therefore, it will not be easy for buyers to push the price above $ 0.3120 and the SMA to 100 hours.
Looking at the chart, the price of the ripple shows positive signals above the $ 0.2850 level. It seems that the price could fluctuate in a range above $ 0.2850 before attempting to cancel $ 0.3120.
Looking at the technical indicators:
MACD timetable – MACD for XRP / USD is back in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is well above the 50 level.
Main support level – $ 0.2850
Main resistance level – $ 0.3120
