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- Rising prices began a new rise above the $ 0.3100 and $ 0.3200 resistance levels against the US dollar.
- The price tested the zone at $ 0.3400 and recently corrected it to less than $ 0.3300 and $ 0.3250.
- A major bullish trend curve is formed with support close to the 0.300 USD level on the XRP / USD time chart (Kraken data source).
- The pair could soon break the resistance level by $ 0.3220 and rise again to $ 0.3400.
The rising price has started a sharp rise above USD 0.3200 against the US dollar, corrected by the rise compared to bitcoin. XRP remains well above $ 0.3100 and is likely to resume its upward trend.
Ripple price analysis
Last week, there was a sharp increase in selling prices compared to the key resistance of $ 0.3100 against the US dollar. The XRP / USD pair followed the bitcoin and surpassed the resistance levels of $ 0.3200 and $ 0.3220. The price even surpassed the $ 0.3350 level and is well above the simple 100-hour moving average. Increases pushed the price to the $ 0.3400 level before starting a downward correction. There was a sharp decline below the levels of $ 0.3300 and $ 0.3200. The price revisited the previous escape area near $ 0.3040 and $ 0.3060.
A low swing has been formed at $ 0.3050 recently and the price is currently on the rise. It has already surpassed the 50% Fib retracement level of the last decline from $ 0.3316 to $ 0.3050. However, the levels of $ 0.3200 and $ 0.3220 are currently an obstacle. The Fib retracement level of 61.8% from the last drop, from the low of $ 0.3316 to $ 0.3050, is also a strong resistance for bulls. A successful closing above the $ 0.3220 mark should lead to a further rise. The next resistance is close to $ 0.3300, above which the price could climb to the resistance zone of $ 0.3400.
In contrast, many media exceed the levels of 0.3050 and 0.3080 dollars. A major uptrend line is also forming, with support close to the $ 0.3100 level on the XRP / USD time chart. If there is a downward correction below 0.3150 USD, the price could test support for the trend line.
Looking at the chart, the ripple price is clearly well supported above the USD 0.3050 level and the ADM every 100 hours. As long as the price is higher than 0.3050 USD, it should start to rise again between 0.3220 USD and 0.3300 USD in future sessions.
Technical indicators
Hourly MACD – The MACD for XRP / USD is currently trading in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently just above level 50, with a positive bias.
Key support levels – $ 0.3150, $ 0.3100 and $ 0.3050.
Main resistance levels – 0.3220 USD, 0.3300 USD and 0.3400 USD.
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