Ripple Price (XRP) Rebounding Nicely As Bitcoin Holding Above $10.2K
Ripple price is currently trading with a positive bias above $0.2750 against the US dollar.
Bitcoin price climbed above the $10,200 and $10,300 resistance levels to start a decent recovery.
There is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to accelerate higher above the $0.2900 and $0.2950 resistance levels.
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Ripple price is currently rebounding with a positive bias against the US Dollar, similar to bitcoin. XRP price must surpass the $0.2920 resistance to continue higher.
Ripple Price Analysis
This past week, we saw a strong decline in XRP price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2500 support level. Finally, it traded towards the $0.2340 level and recently started an upside correction. The crypto market recovered in the past few sessions, with positive moves in Ethereum, ripple, EOS and litecoin.
Ripple price climbed above the $0.2650 and $0.2700 resistance levels to move into a positive zone. Moreover, there was a break above the $0.2800 resistance and a close above the 100 hourly simple moving average. The upward move was positive, with a break above the $0.2850 resistance. However, the price ran into a crucial resistance area near the $0.2900 and $0.2920 levels.
At the moment, the price is correcting gains and recently declined below the 23.6% Fib retracement level of the upward move from the $0.2616 low to $0.2913 high. However, there are many supports on the downside near the $0.2750 and $0.2700 levels. Additionally, there is a key bullish trend line forming with support near $0.2700 on the hourly chart of the XRP/USD pair.
The 50% Fib retracement level of the upward move from the $0.2616 low to $0.2913 high is also near the $0.2760 level to act as a support. Therefore, if there is a downside correction, the bulls are likely to protect $0.2750 and $0.2700. On the upside, the main resistances are near $0.2900 and $0.2920. Therefore, a successful break above $0.2920 might accelerate gains towards the $0.3000 and $0.3050 levels.
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Looking at the chart, ripple price is clearly closing in towards the key barriers near $0.2920. If the price struggles to climb above $0.2920, there could be a downward move towards the $0.2700 level. Conversely, a successful break above $0.2920 could pump the price towards or above $0.3000 in the near term.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 50 level.
Major Support Levels – $0.2750, $0.2700 and $0.2650.
Major Resistance Levels – $0.2900, $0.2920 and $0.3000.
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