- Ripple price gained bullish momentum and rallied above the $0.2750 resistance against the US dollar.
- The price is currently consolidating gains above the $0.2800 and $0.2750 levels.
- There is a crucial bullish trend line forming with support near $0.2800 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The price is likely to continue higher above the $0.3000 and $0.3040 resistance levels.
Ripple price is showing positive signs above the $0.2750 pivot against the US Dollar. XRP price remains well bid and it could continue to gain traction towards $0.3120.
Ripple Price Analysis
This past week, there was a steady rise in ripple price above the $0.2650 resistance against the US Dollar. As a result, XRP price even climbed above the $0.2750 resistance and pivot area. Moreover, there was a close above the $0.2800 resistance and the 55 simple moving average (4-hours). Finally, the price rallied above the $0.2950 and $0.3000 resistance levels. A new monthly high was formed near $0.3031 and the price recently corrected lower.
It traded below the $0.3000 level, plus the 50% Fib retracement level of the recent upward move from the $0.2656 low to $0.3031 high. Moreover, the price traded below the $0.2850 support area. However, the decline was protected by the key $0.2800 support area. Besides, the price remained stable above $0.2800 and the 55 simple moving average (4-hours).
More importantly, the 61.8% Fib retracement level of the recent upward move from the $0.2656 low to $0.3031 high acted as a support. At the moment, the price is consolidating above the $0.2800 and $0.2750 support levels. There is a crucial bullish trend line forming with support near $0.2800 on the 4-hours chart of the XRP/USD pair. If ripple breaks the $0.2800 support and $0.2750 pivot, it could correct lower towards the $0.2650 support area.
Conversely, an upside break above the $0.2950 and $0.3000 levels might set the pace for more gains. The next key resistance is near the $0.3040 level, above which the price could surge towards the $0.3120 resistance area in the coming days.
Looking at the chart, ripple price is clearly trading in a bullish zone above the $0.2800 support area. In the short term, there could be a downside correction, but the price remains well supported above $0.2750 and $0.2650. Unless there is a daily close below $0.2650, the price is likely to climb above $0.3000.
Technical indicators
4 hours MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is close to the 50 level.
Key Support Levels – $0.2800, $0.2750 and $0.2650.
Key Resistance Levels – $0.2950 and $0.3000.
