Key Key Aspects
- The price of the ripple started a short-term upward trend towards the resistance area of $ 0.2700 against the US dollar.
- The two bearish trend lines of yesterday with resistance at $ 0.2600 and $ 0.2690 were exceeded in the time table of the XRP / USD pair (data source from Kraken).
- The pair is correcting higher, but is likely to face many hurdles near $ 0.2750, $ 0.2800 and $ 0.2900.
The price of the ripple has recovered some points against the US Dollar and Bitcoin. The XRP / USD should face strong resistance near the $ 0.2900 level.
Ripple Price Recovery
Yesterday, we discussed how the price of Ripple suffered below the $ 0.2800 level and fell to $ 0.2500 against the US dollar. The XRP / USD pair traded at $ 0.2492 and subsequently started an upward correction. The price has moved higher and has broken resistance levels of $ 0.2600 and $ 0.2650. The upward move was positive as there was a break above the resistance of $ 0.2700.
In addition, the price exceeded the 50% retracement level of the recent decline from $ 0.2899 to $ 0.2492 low. In addition, two downtrend lines with resistance of $ 0.2600 and $ 0.2690 on the hourly chart of the XRP / USD pair were exceeded yesterday. The price is now trading at a positive angle above the $ 0.2700 level and a 100-hour simple moving average. However, there are a lot of resistance for buyers near the levels of $ 0.2750 and $ 0.2800. The fiber retracement level of 76.4% of the recent decline from $ 0.2899 to $ 0.2492 is also at $ 0.2800.
Looking at the chart, the price of the ripple could continue to correct higher as long as it is over $ 0.2650. However, buyers are likely to be close to the $ 0.2750 and $ 0.2800 resistors. Above $ 0.2800, the next major obstacle and a rotation level is at $ 0.2900.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly inserted into the bullish zone.
RSI time (relative strength index) – The RSI for XRP / USD is well above the 50 level.
Main support level – $ 0.2650
Main resistance level – $ 0.2800