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- The benchmark price recently reached the $ 0.3100 level, before starting a correction against the US dollar.
- There was a break above a downtrend line linking the USD 0.3180 resistance on the XRP / USD time chart (Kraken data source).
- The pair is currently tracking an ascending channel with support at $ 0.3160 on the same chart.
The rising price is slowly recovering against the US dollar and Bitcoin. However, the XRP / USD is expected to face many upside obstacles near the $ 0.3220 and $ 0.3250 levels.
Ripple price badysis
Yesterday, there was a sharp drop in the ripple price below 0.3300 USD, similar to Ethereum and bitcoin versus the US dollar. The XRP / USD pair even exceeded support by $ 0.3200 and is below the simple 100-hour moving average. It traded near the $ 0.3100 level and hit a low of $ 0.3102. Later, the price started a bullish correction in the short term and traded above $ 0.3150 and $ 0.3160. Buyers pushed the price above the Fib retracement level from 23.6% from the recent low of $ 0.3350 to $ 0.3100.
In addition, there was a break above a downtrend line linking the resistance at $ 0.3180 on the hourly chart of the XRP / USD pair. The pair moved to the $ 0.3220 level, which was a strong resistance. However, it was not challenged by the 50% retracement level of the recent slide Fib, which dropped from the low of $ 0.3350 to $ 0.3100. As a result, the higher levels of $ 0.3225 and $ 0.3250 are more likely to be more favorable. The stock price is still bearish and it seems that buyers will have no trouble eliminating resistances of $ 0.3220 and $ 0.3250.
Looking at the chart, the reference price currently follows an ascending channel with support at $ 0.3160. There could be a short-term peak towards channel resistance, 0.3220 USD, and ADM every 100 hours. Failure beyond these barriers could result in a further decline to $ 0.3100.
Technical indicators
Hourly MACD – The MACD for XRP / USD is about to return to the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently close to level 50, with a flat bias.
Major Support Level – $ 0.3160
Major resistance level – $ 0.3220
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