- Ripple price is trading nicely above the $0.2900 support zone against the US dollar.
- The price is currently consolidating below the $0.3080 and $0.3100 resistance levels.
- There was a break above a major declining channel with resistance near $0.2965 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to resume its upward move once it clears the $0.3080 and $0.3100 resistance levels.
Ripple price is trading in a positive zone above $0.2900 against the US Dollar. XRP price is likely to surge higher once it settles above the $0.3100 resistance zone.
Ripple Price Analysis
After a downside correction, ripple price found support near the $0.2720 area against the US Dollar. The XRP/USD pair started a decent upward move and climbed above the $0.2850 resistance zone.
The upward move was positive, as the price even broke the $0.2900 resistance and the 55 simple moving average (4-hours). More importantly, there was a break above a major declining channel with resistance near $0.2965 on the 4-hours chart of the XRP/USD pair.
The last swing high was formed near $0.3083 and the price is currently consolidating gains. There was a break below the $0.3000 level, plus it traded below the 23.6% Fib retracement level of the upward move from the $0.2695 low to $0.3083 high.
However, the broken trend line area at $0.2900 and the 55 simple moving average (4-hours) are acting as strong supports. The next major support is near the $0.2890 level. It is close to the 50% Fib retracement level of the upward move from the $0.2695 low to $0.3083 high.
Any further losses may perhaps lead the price towards the $0.2800 support area. On the upside, the first major resistance is near the $0.3080 level. A successful break above the $0.3080 resistance might open the doors for a sharp increase towards the $0.3120 and $0.3200 levels in the coming sessions.
The next key resistance is near the $0.3250 zone, above which the bulls are likely to aim a larger rally towards the $0.3500 resistance.
Looking at the chart, ripple price is clearly trading in a positive zone above the $0.2900 support. Therefore, the price is likely to resume its upward move once it clears the $0.3080 and $0.3100 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now moving back into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Key Support Levels – $0.2920, $0.2900 and $0.2800.
Key Resistance Levels – $0.3080 and $0.3120.
