- Ripple price followed Ethereum and bitcoin to move into a bullish zone above $0.3100 against the US dollar.
- Buyers gained traction above the $0.3100 and $0.3150 resistance levels before sellers appeared near $0.3290.
- There is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is currently correcting lower, but it remains supported above $0.3160 and $0.3140.
Ripple price jumped above key resistance levels against the US Dollar and bitcoin. XRP/USD is now trading with a positive bias and it could continue to rise towards $0.3300 and $0.3400.
Ripple Price Analysis
After a solid upward move in Ethereum and bitcoin, ripple price finally gained traction above $0.3050 against the US Dollar. The XRP/USD pair started a decent uptrend and broke the $0.3000 and $0.3060 resistance levels. The pair moved into a bullish zone above the $0.3100 resistance and the 100 hourly simple moving average. Buyers took control above the $0.3100 level, resulting in gains above the $0.3150 and $0.3200 resistance levels. The price traded close to the $0.3300 resistance and a new weekly high was formed at $0.3292.
Later, there was a sharp downside correction below $0.3260 and $0.3240. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The decline was such that the price tested the $0.3160 support area. An immediate support is near the $0.3150-0.3160 zone. It represents the 50% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. More importantly, there is a key bullish trend line formed with support near $0.3140 on the hourly chart of the XRP/USD pair.
Therefore, buyers are likely to take a stand near the $0.3160 and $0.3150 levels. If there are additional declines, the price could test the $0.3110 support. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3052 low to $0.3292 high. The mains support is near the $0.3095-0.3100 zone (the previous resistance). To the topside, an initial resistance is at $0.3220, above which the price may rise towards $0.3260.
Looking at the chart, ripple price clearly moved into a bullish zone above $0.3100. However, buyers need to protect declines below $0.3100. If they fail, the price might move back in a bearish zone to $0.3000. This week, buyers could target the $0.3400 and $0.3500 resistance levels as long as the price is above $0.3095.
Hourly MACD – The MACD for XRP/USD just moved into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.
Major Support Level – $0.3100
Major Resistance Level – $0.3260
The post Ripple Price Analysis: XRP Signaling Bullish Continuation appeared first on NewsBTC.