Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- Ripple price started a downside correction after setting a new monthly high at $0.2993 against the US dollar.
- The price declined below the $0.2920 support area and tested the $0.2840 support area.
- Yesterday’s highlighted major bullish trend line with support near $0.2860 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains supported near the $0.2860 and $0.2820 levels in the near term.
Ripple price is holding an important support area against the US Dollar and bitcoin. XRP price must stay above $0.2800 to bounce back in the near term.
Ripple Price Analysis
Yesterday, we saw a solid rise in ripple price above $0.2920 resistance against the US Dollar, while bitcoin remained in a bearish zone. XRP price even gained strength above the $0.2950 resistance 100 hourly simple moving average. It traded towards the $0.3000 resistance area and formed a new monthly high near the $0.2993 level. Later, there was a downside correction below the $0.2950 level.
Moreover, the price broke the $0.2920 support area. It even spiked below the $0.2850 and $0.2840 support levels. However, it stayed above the $0.2800 pivot level. A low was formed near $0.2828 and the price is currently rebounding. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.2993 high to $0.2828 low.
However, the $0.2920 area is once again acting as a resistance. It also coincides with the 50% Fib retracement level of the recent decline from the $0.2993 high to $0.2828 low. Besides, there is a connecting bearish trend line forming with resistance near $0.2910 on the hourly chart of the XRP/USD pair. Therefore, ripple must gain strength above $0.2910 and $0.2920 to resume its upward move.
On the downside, an immediate support is near the $0.2850 level. More importantly, yesterday’s highlighted major bullish trend line with support near $0.2860 is intact on the hourly chart of the XRP/USD pair. The main support is near the $0.2800 level and the 100 hourly simple moving average. If there is a downside break below the $0.2800 support area, the price could start a fresh decline.
Looking at the chart, ripple price is clearly holding an important support near the $0.2800 and $0.2840 levels. As long as there is no close below the $0.2800 pivot level, the price could bounce back. On the upside, a close above $0.2920 is needed for more upsides.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level.
Major Support Levels – $0.2850, $0.2820 and $0.2800.
Major Resistance Levels – $0.2920, $0.2950 and $0.3000.
