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- The rising price followed Ethereum and Bitcoin to move into a bull market above US $ 0.3100 against the US dollar.
- Buyers gained traction above resistance levels by $ 0.3100 and $ 0.3150 before sellers appeared near $ 0.3290.
- There is a key uptrend line formed with support close to USD 0.3140 on the hourly chart of the XRP / USD pair (Kraken data source).
- The price is currently down, but remains above $ 0.3160 and $ 0.3140.
The purchase price has exceeded key resistance levels against the US dollar and Bitcoin. The XRP / USD is now trading with a positive bias and could continue to rise to $ 0.3300 and $ 0.3400.
Ripple price badysis
After a strong upward progression in Ethereum and Bitcoin, the price on the rise has finally gained ground above USD 0.3050 against the US dollar. The XRP / USD pair started a decent uptrend and broke through the resistance levels of $ 0.3000 and $ 0.3060. The pair moved into a bullish zone above the $ 0.3100 resistance and the single moving average every hour. Buyers took control above the $ 0.3100 level, resulting in gains above resistance levels of $ 0.3150 and $ 0.3200. The price has traded close to $ 0.3300 resistance and a new weekly high is set at $ 0.3292.
Later, there was a sharp downward correction below $ 0.3260 and $ 0.3240. In addition, the last wave's Fib retracement threshold, which was 23.6%, dropped from the low of 0.3052 to 0.3292. The decline was such that the price tested the support zone at 0.3160 USD. Immediate support is close to the zone at $ 0.3150-0.3160. It represents the Fib retracement level of 50% of the last wave, from the lowest at $ 0.3052 to the highest at $ 0.3292. More importantly, there is a key uptrend line formed with support close to $ 0.3140 on the XRP / USD time chart.
As a result, buyers are likely to take a position near the levels of $ 0.3160 and $ 0.3150. If there are further declines, the price could test the support at $ 0.3110. This coincides with the 76.4% Fib retracement level of the last wave, which went from the low of $ 0.3052 to the high of $ 0.3292. Network support is close to the $ 0.3095-0.3100 zone (previous resistance). At the top, an initial resistance is $ 0.3220, above which the price could rise to $ 0.3260.
Looking at the chart, the bullish price has clearly moved in a bullish zone above $ 0.3100. However, buyers must protect declines below 0.300 USD. If they fail, the price could return to a bearish zone at $ 0.3000. This week, buyers could target resistance levels of $ 0.3400 and $ 0.3500 as long as the price is above $ 0.3095.
Technical indicators
Hourly MACD – The MACD for XRP / USD has just been moved to the bearish zone.
RSI (Hourly Relative Strength Index) – The RSI for XRP / USD corrects lower down to level 50.
Major Support Level – $ 0.3100
Major resistance level – $ 0.3260
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