Ripple Price (XRP) Showing Positive Signs, Bitcoin Up 3%
Ripple price is forming a solid support above the $0.3050 level against the US dollar.
The price is currently climbing higher and it recently tested the $0.3220 resistance area.
There is a connecting bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price remains well supported on dips above $0.3100 and it could continue to rise above $0.3200.
Ripple price is showing positive signs above $0.3140 against the US Dollar, and bitcoin gained around 3%. XRP price might continue to rise if it clears the $0.3220 resistance.
Ripple Price Analysis
After forming a support base, there was a decent recovery in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair remained well bid above the $0.3050 level and it recently climbed higher. There was a break above the $0.3080 and $0.3100 resistance levels. Moreover, the price managed to climb above yesterday’s drawn connecting bearish trend line on the hourly chart.
Finally, the price broke the key $0.3140 resistance and the 100 hourly simple moving average. It even broke the $0.3200 resistance and tested the $0.3220 resistance. A swing high was formed near $0.3219 and the price is currently correcting gains. It tested the 23.6% Fib retracement level of the recent wave from the $0.3066 low to $0.3219 high.
On the downside, there are many supports forming near the $0.3150 and $0.3140 levels. Additionally, there is a connecting bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.3066 low to $0.3219 high is also near the $0.3142 level to act as a strong support.
Therefore, any dip towards the $0.3150 and $0.3140 levels is likely to find strong bids. If there is a downside break below the $0.3140 level, the price might move back in a bearish zone. On the upside, the resistances are near $0.3200 and $0.3220. A successful close above the $0.3220 resistance could start a decent upward move in the coming sessions towards the $0.3320 and $0.3350 levels.
Looking at the chart, ripple price is trading with a positive bias above the $0.3140 support level. The overall price action is positive and suggests more gains above the $0.3220 level. Only a close below the $0.3140 support and the 100 hourly SMA might negate the current bullish view.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Major Support Levels – $0.3150, $0.3140 and $0.3120.
Major Resistance Levels – $0.3200, $0.3220 and $0.3320.
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