Ripple Price Analysis: XRP/USD Recovery Above $0.30 On the Cards

Key Highlights

  • Ripple price is moving higher and it has settled above the $0.2800 and $0.2900 resistances against the US dollar.
  • Yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to gain momentum above the $0.3020 and $0.3080 levels in the near term.

Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD could continue to move higher once it settles above $0.3020.

Ripple Price Trend

During the past two sessions, there were positive moves in Ripple price above the $0.2700 level against the US Dollar. The XRP/USD pair traded higher and broke the $0.2800 and $0.2900 resistance levels. It even settled above $0.2900 and the 100 hourly simple moving average. Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $0.3575 high to $0.2466 low.

The current price action indicates that ripple could continue to move higher above $0.3020. At present, yesterday’s highlighted key bearish trend line is almost breached near $0.3020 on the hourly chart of the XRP/USD pair. Moreover, the 50% Fib retracement level of the last decline from the $0.3575 high to $0.2466 low is at $0.3020. Therefore, the price is likely to accelerate higher once it settles above the $0.3020 resistance. The next hurdle for buyers is near $0.3150, which is the 61.8% Fib level. The final target for buyers could be $0.3300, which is the last swing high.

Looking at the chart, ripple is positioned nicely above the $0.2800 support for more gains. If there is a downside correction, the $0.2850 support and the 100 hourly SMA are likely to hold losses.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level and is moving higher.

Major Support Level – $0.2800

Major Resistance Level – $0.3020

Author: Aayush Jindal

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