Ripple Price Analysis: XRP/USD Could Extend Gains Toward $0.30
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Ripple price is slowly moving higher and it recently broke the $0.2720 resistance against the US dollar.
There was a break above a key bearish trend line with resistance at $0.2675 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is now placed nicely above the $0.2700 support and the 100 hourly simple moving average.
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Ripple price is moving with a bullish angle against the US Dollar and Bitcoin. XRP/USD could rise further towards the $0.2900 and $0.3000 resistances in the near term.
Ripple Price Support
Yesterday, there was a decent upward move from the $0.2600 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.2650 and $0.2700 resistance levels. During the rise, there was a break above the $0.2720 resistance and the 100 hourly simple moving average. Additionally, the price surpassed the 61.8% fib retracement level of the last slide from the $0.2900 high to $0.2490 low.
More importantly, there was a break above a key bearish trend line with resistance at $0.2675 on the hourly chart of the XRP/USD pair. The pair traded above the $0.2800 level and formed an intraday high at $0.2863. Later, there was a downside correction below the $0.2800 level. The price tested the 23.6% fib retracement level of the recent wave from the $0.2492 low to $0.2863 high. However, declines were limited by a connecting bullish trend line with current support at $0.2790. It seems like the price may continue to rise as long as the trend line and the $0.2720 support are intact.
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Looking at the chart, ripple price needs to clear the $0.2860 and $0.2900 resistance levels to climb towards $0.3000. The current price action is positive, but XRP must hold the $0.2720 support.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.
Major Support Level – $0.2720
Major Resistance Level – $0.2900
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