Ripple price recovery (XRP) seems real, but could face obstacles

• The wave price has recently been corrected downwards and has tested the $ 0.3175 level against the US dollar.
• The price rebounded and traded above the resistance levels of $ 0.3200 and $ 0.3220.
• There was a break above a key downtrend line with resistance close to $ 0.3220 on the XRP / USD time chart (Kraken data source).
• The pair is forming a bullish continuation pattern and could revisit the resistance at $ 0.3300.

The rising price is slowly recovering against the US dollar, while it is still struggling compared to bitcoin. The XRP could recover more above $ 0.3280, but it is likely to struggle around $ 0.3320.

Ripple price badysis

Recently, we saw a sharp downward correction of the selling price against the US dollar of 0.3470 USD. The XRP / USD pair fell below support levels of 0.3320 USD and 0.3250 USD. The pair even crossed the $ 0.3200 level and traded close to the $ 0.3175 level, where buyers took a stand. Finally, the price started a decent rebound and recovered above the $ 0.3200 level. There was a break above the Fib retracement level of 23.6% from the last decline, from the highest level of $ 0.3470 to $ 0.3174.

In addition, there was a break above a key downtrend line with a resistance close to $ 0.3220 on the XRP / USD time chart. The pair climbed above the $ 0.3300 level, but faced strong resistance near the $ 0.3320 level. The simple 100-hour moving average also served as a strong resistance. In addition, the 50% Fib retracement level of the last decline from the low of $ 0.3470 to $ 0.3470 was also a barrier for buyers. The price retreated from the highs and retested the $ 0.3200 level.

At first, the price seems to form a bullish continuation pattern with resistance at $ 0.3260 on the same chart. A break above the $ 0.3260 level should push the price above the $ 0.3280 resistance. The price could even break the $ 0.3300 level, but it should stay at the $ 0.3320 level. Above 0.3320 USD, the price could face a resistance around 0.3345 USD and 0.3360 USD. On the other hand, if the price barely exceeds $ 0.3280 or $ 0.3300, there could be a further decline.

Looking at the chart, the price of the ripples is clearly below the resistance levels of $ 0.3300 and $ 0.3320. In the short term, there could be an upward movement, but the price should face a strong selling interest close to $ 0.3300, $ 0.3320 and $ 0.3345. Only a successful closing above $ 0.3360 could push the price towards $ 0.3500.

Technical indicators

Hourly MACD – The MACD for XRP / USD is about to settle in the bullish zone.

RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.

Key support levels – 0.3220 USD, 0.3200 USD and 0.3175 USD.

Main levels of resistance – $ 0.3280, $ 0.3300 and $ 0.3320.