Ripple Price Analysis: XRP Turned Buy On Dips After Upside Break
- Ripple price rallied recently and broke many key resistances near $0.3080 against the US dollar.
- The price even settled above the $0.3100 resistance and the 100 hourly simple moving average.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $0.3085 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair rallied towards the $0.3250 resistance level and later corrected lower sharply.
Ripple price moved nicely into a bullish zone against the US Dollar and bitcoin. XRP/USD is trading above the $0.3100 support and it could resume its upward move in the near term.
Ripple Price Analysis
Recently, we saw a steady decline in ripple price from the $0.3150 swing high against the US Dollar. The XRP/USD pair traded below the $0.3100 and $0.3080 support levels. However, the $0.3040 support area acted as a strong support. The price started a solid upward move and broke the $0.3060 and $0.3080 resistance levels to move into a positive zone. There was a break above the 61.8% Fib retracement level of the last decline from the $0.3135 high to $0.3045 low.
More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $0.3085 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price rallied above the $0.3100 resistance and the 100 hourly simple moving average. The upward move was strong as the price climbed above the $0.3150 and $0.3200 resistance levels. It traded towards the $0.3250 resistance level and later corrected lower sharply. It declined below the $0.3200 level and the 50% Fib retracement level of the recent rally from the $0.3060 low to $0.3245 high.
However, the previous key resistance near the $0.3100 level is acting as a strong support. Besides, the 76.4% Fib retracement level of the recent rally from the $0.3060 low to $0.3245 high is also near $0.3100. Furthermore, the 100 hourly SMA is also near the $0.3100 level. Therefore, as long as the price is above $0.3100, it could bounce back in the near term.
Looking at the chart, ripple price clearly jumped into a positive zone above $0.3100. Having said that, it was rejected above the $0.3200 level. In the short term, there could be a few bearish moves, but the price is likely to climb above $0.3150 and $0.3180. A close above $0.3200 is needed for an upside acceleration.
Hourly MACD – The MACD for XRP/USD is likely to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD corrected lower recently, but it is still above the 50 level.
Major Support Levels – $0.3100, $0.3080 and $0.3065.
Major Resistance Levels – $0.3150, $0.3180 and $0.3200.