Ripple Price Analysis: Risk of Bounce Grows In XRP Above $0.3100
- Ripple price traded higher recently above the $0.3060 resistance against the US dollar.
- This week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to climb higher above the $0.3090 and $0.3100 resistances in the near term.
Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD could dip slightly before an upward move towards the $0.3100 and $0.3150 levels.
Ripple Price Analysis
After forming a support near the $0.2920 level, ripple price traded higher against the US Dollar. The XRP/USD pair broke the $0.2980 and $0.3000 resistance levels to move into a positive zone. There was even a break above the 50% Fib retracement level of the last slide from the $0.3180 high to $0.2916 low. Moreover, there was a break above the $0.3060 resistance and the 100 hourly simple moving average.
Besides, this week’s important bearish trend line was breached with resistance at $0.2980 on the hourly chart of the XRP/USD pair. It cleared the path for more gains and the price traded close to the $0.3100 level. A high was formed at $0.3090 and later the price retreated lower. It recently traded below the 50% Fib retracement level of the recent wave from the $0.2916 low to $0.3090 high. On the downside, there are many supports near the $0.2980 and $0.2940 levels. Therefore, if the price dips from the current levels, it may find bids above $0.2920.
Looking at the chart, ripple price is likely to resume its upward move above $0.3060 as long as it is above $0.2920. The main resistance levels on the upside are $0.3090 and $0.3100, followed by the $0.3150 area.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD just moved below the 50 level.
Major Support Level – $0.2920
Major Resistance Level – $0.3090
Ripple image via Shutterstock.