Ripple (XRP) Price Primed For More Upsides: $0.3500 On The Cards
- Ripple price started a fresh rise above the $0.3100 and $0.3200 resistance levels against the US dollar.
- The price tested the $0.3400 area and recently corrected lower below $0.3300 and $0.3250.
- There is a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could soon break the $0.3220 resistance level and climb higher towards $0.3400 once again.
Ripple price started a strong rise above $0.3200 against the US Dollar, plus corrected higher versus bitcoin. XRP remains well bid above $0.3100 and it is likely to resume its upward move.
Ripple Price Analysis
This past week, there was a strong upward move in ripple price above the key $0.3100 resistance against the US Dollar. The XRP/USD pair followed bitcoin and surged above the $0.3200 and $0.3220 resistance levels. The price even broke the $0.3350 level and settled well above the 100 hourly simple moving average. The bulls pushed the price towards the $0.3400 level before it started a downside correction. There was a sharp decline below the $0.3300 and $0.3200 levels. The price revisited the previous breakout zone near $0.3040 and $0.3060.
A swing low was formed at $0.3050 recently and the price is currently moving higher. It already broke the 50% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low. However, the $0.3200 and $0.3220 levels are currently acting as hurdles. The 61.8% Fib retracement level of the last drop from the $0.3316 high to $0.3050 low is also acting as a strong resistance for the bulls. A successful close above $0.3220 barrier is likely to start a fresh rise. The next resistance is near $0.3300, above which the price could surge towards the $0.3400 resistance area.
On the downside, there are many supports above the $0.3050 and $0.3080 levels. There is also a major bullish trend line forming with support near the $0.3100 level on the hourly chart of the XRP/USD pair. If there is a downside correction below $0.3150, the price could test the trend line support.
Looking at the chart, ripple price is clearly well supported above the $0.3050 level and the 100 hourly SMA. As long as the price is above $0.3050, it is likely to start a fresh rise above $0.3220 and $0.3300 in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently moving in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level, with a positive bias.
Major Support Levels – $0.3150, $0.3100 and $0.3050.
Major Resistance Levels – $0.3220, $0.3300 and $0.3400.
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via via http://bit.ly/2FUbkJa Aayush Jindal, Khareem Sudlow
