Ripple (XRP) Price Following Uptrend Above $0.2950, Eyes $0.3100
Ripple price is holding a couple of important supports near $0.2980 and $0.2960 against the US dollar.
The price is facing a couple of hurdles near the $0.3020 and $0.3040 levels.
There is a key breakout pattern forming with resistance near $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
There could be a nice upward move once the price clears the $0.3020 and $0.3050 resistances.
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Ripple price is trading in an uptrend above key supports against the US Dollar and bitcoin. XRP price is likely to continue higher towards $0.3060 and $0.3100 in the near term.
Ripple Price Analysis
Yesterday, we saw a nice upward move above the $0.3000 resistance in ripple against the US Dollar. Moreover, XRP price traded above the $0.3020 level and formed a new weekly high near $0.3056.
Later, there was a downside correction below the $0.3020 and $0.3000 support levels. The price even spiked below the $0.2980 support, but the $0.2950 area acted as a strong support. More importantly, the price climbed above $0.2980 and settled above the 100 hourly simple moving average.
There was a break above the 50% Fib retracement level of the downside correction from the $0.3056 high to $0.2950 low. However, ripple price seems to be facing a couple of key resistances near the $0.3020 level.
Additionally, there is a key breakout pattern forming with resistance near $0.3010 on the hourly chart of the XRP/USD pair. The triangle resistance is near the 61.8% Fib retracement level of the downside correction from the $0.3056 high to $0.2950 low.
Therefore, an upside break above the $0.3020 area is needed for more upsides. The next key resistance area is near the $0.3050 level. A successful close above $0.3050 is likely to push the price towards the $0.3100 and $0.3120 levels.
Conversely, the $0.2980 area is a strong buy zone and a breakdown area. If there is a downside break below the $0.2980 support, the price could slide again towards the $0.2950 support and the 100 hourly SMA. Any further losses may perhaps push the price towards the $0.2920 level.
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Looking at the chart, ripple price is clearly holding a major support near the $0.2980 level. Thus, there are chances of an upside break above the $0.3010 and $0.3020 levels. If not, the price might start another decline towards the $0.2950 and $0.2920 levels.
Hourly MACD – The MACD for XRP/USD is currently gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level.
Major Support Levels – $0.2980, $0.2950 and $0.2940.
Major Resistance Levels – $0.3010, $0.3020 and $0.3050.
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