- Ripple price is slowly moving higher above the $0.3100 resistance area against the US dollar.
- The price is currently trading above $0.3200 and it could continue to rise in the near term.
- There was a break above a major bearish trend line with resistance at $0.3160 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The price is currently consolidating, but there are chances of more gains above $0.3300 and $0.3400.
Ripple price is showing a few positive signs above $0.3150 against the US Dollar. XRP price could slowly rise and it might even test the next resistance near the $0.3500 level.
Ripple Price Analysis
This past week, there was a decent support base formed for bitcoin, Ethereum, bitcoin cash, ADA and ripple against the US Dollar. The XRP/USD pair remained stable above the $0.3000 and $0.3030 support levels. A swing low was formed near $0.2997 and recently the price started an upward move. The price is currently showing positive signs and it is currently trading above the $0.3100 and $0.3150 resistance levels.
Additionally, there was a break above the 23.6% Fib retracement level of the last major decline from the $0.3419 high to $0.2997 low. More importantly, there was a break above a major bearish trend line with resistance at $0.3160 on the 4-hours chart of the XRP/USD pair. The pair is now consolidating near the $0.3200 level plus the 50% Fib retracement level of the last major decline from the $0.3419 high to $0.2997 low.
There might be a downside correction, but the broken resistances near $0.3150 might act as a support. If there are more downside, the price could revisit the $0.3100 support area. The most important support is near the $0.3030 level. If there is a downside break below $0.3030, the price could continue to weaken in the near term.
On the upside, an immediate resistance is near the $0.3250 level. Moreover, the 61.8% Fib retracement level of the last major decline from the $0.3419 high to $0.2997 low is also a strong resistance. A clear break above the $0.3250 resistance might open the doors for more gains in the near term.
Looking at the chart, ripple price is showing positive signs above the $0.3150 support level. Therefore, there are high chances of more upsides above the $0.3250 and $0.3300 resistance levels. The main stop for the bulls could be near the $0.3500 level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Key Support Levels – $0.3150, $0.3100 and $0.3030.
Key Resistance Levels – $0.3250 and $0.3320.
