Ripple Price Analysis: XRP/USD Reverses From Key Support at $0.3120

Key Highlights

  • Ripple price found a strong buying interest around $0.3120 and recovered sharply against the US dollar.
  • There was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair tested the $0.3550 resistance and is currently consolidating gains above $0.3200 .

Ripple price reversed yesterday’s losses and gained traction against the US Dollar and Bitcoin. XRP/USD broke the $0.3350 level to move into a positive zone.

Ripple Price Upside Move

Yesterday, we saw a bearish reaction below the $0.3300 level in Ripple price against the US Dollar. The XRP/USD pair tested an important support area near $0.3120 where buyers emerged. A low was formed at $0.3125 before the price started an upside recovery. The price broke the $0.3300 resistance to start a decent recovery. Later, it cleared the 61.8% Fib retracement level of the last drop from the $0.3534 high to $0.3125 low.

It opened the doors for more gains above $0.3400. More importantly, there was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair. The pair even spiked above the $0.3500 level and settled above the 100 hourly simple moving average. At present, the price is correcting lower and is trading near $0.3440. An initial support is the 23.6% Fib retracement level of the last wave from the $0.3125 low to $0.3540 high. Below $0.3440, the next major support is at $0.3330 and the 100 hourly SMA.

Looking at the chart, ripple has moved into a positive zone above $0.3350. On the upside, a break above the $0.3500 and $0.3540 resistances will most likely clear the path for more gains.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is showing positive signs above the 60 level.

Major Support Level – $0.3350

Major Resistance Level – $0.3540

Author: Aayush Jindal

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