- Ripple price climbed higher nicely above the $0.2700 resistance area against the US dollar.
- The price tested the $0.2880 resistance area and it is currently correcting lower.
- There is a key bullish trend line forming with support near $0.2755 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair remains well supported for more gains above $0.2700 and $0.2680.
Ripple price is showing a lot of positive signs above the $0.2700 area against the US Dollar. XRP price is likely to continue higher as long as it is above $0.2580.
Ripple Price Analysis
After climbing above the $0.2500 resistance, ripple price gained bullish momentum against the US Dollar. XRP/USD managed to rise above the $0.2650 and $0.2700 resistance levels to move into an uptrend.
Moreover, there was a close above the $0.2700 level and the 55 simple moving average (4-hours). Finally, the price broke the $0.2800 resistance and traded to a new yearly high at $0.2889.
It is currently correcting lower and trading below the $0.2830 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $0.2637 low to $0.2889 high.
However, there are many supports on the downside near the $0.2760 and $0.2720 levels. More importantly, there is a key bullish trend line forming with support near $0.2755 on the 4-hours chart of the XRP/USD pair.
Ripple price is also likely to find bids near the 50% Fib retracement level of the recent wave from the $0.2637 low to $0.2889 high. If there is a downside break below the trend line and $0.2750, the price could correct lower towards the $0.2720 support.
The main support is near the $0.2705 level and the 55 simple moving average (4-hours). Any further losses could lead the price towards the next uptrend support at $0.2580.
On the upside, an initial resistance is near the $0.2850 level. The main resistance is near $0.2880-$0.2885, above which the bulls are likely to gain strength. In the mentioned case, the price is likely to rise above $0.3000 and $0.3050 in the near term.
Looking at the chart, ripple price is trading nicely in an uptrend above $0.2750 and $0.2705. In the short term, there could be a minor decline or a correction, but the price is likely to rise again as long as it is above $0.2580.
Technical indicators
4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.
Key Support Levels – $0.2760, $0.2720 and $0.2705.
Key Resistance Levels – $0.2880 and $0.3000.
