Ripple (XRP) Following Uptrend, BTC & ETH Remain Well Supported
- Ripple price is trading above the $0.2980 and $0.2950 support levels against the US dollar.
- The price is likely to break the $0.3060 and $0.3080 resistance levels in the near term.
- There is a major rising channel forming with support near $0.2990 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is also rising steadily and it is likely to break the $200 resistance.
Ripple price is showing positive signs above $0.2850 against the US Dollar, while bitcoin is trading sideways. XRP price must break $0.3100 to accelerate higher.
Ripple Price Analysis
In the past three sessions, there was a steady rise in ripple above the $0.2850 and $0.2880 resistance levels against the US Dollar. Moreover, XRP/USD climbed above the $0.3000 resistance levels and settled well above the 100 hourly simple moving average.
There was a spike above the $0.3060 level and the recent swing high was formed near the $0.3065 level. At the moment, the price is correcting lower below the 23.6% Fib retracement level of the upward move from the $0.2930 low to $0.3065 high.
An immediate support on the downside is near the $0.3000 area. It coincides with the 50% Fib retracement level of the upward move from the $0.2930 low to $0.3065 high.
Additionally, there is a major rising channel forming with support near $0.2990 on the hourly chart of the XRP/USD pair. More importantly, the 100 hourly SMA is near the $0.2980 area to provide support.
Therefore, a downside break below the $0.2980 support might start an extended correction. The next major support is near the $0.2950 level, below which the price might revisit the $0.2880 support zone, followed by the $0.2850 pivot area.
An intermediate support for ripple is near the 76.4% Fib retracement level of the upward move from the $0.2930 low to $0.3065 high. On the upside, an initial resistance is near the $0.3060 level. If there is a clear break above the $0.3060 level, the price is likely to climb towards the $0.3100 and $0.3120 levels.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.3000 and $0.2980 levels. As long as there is no close below the $0.2980 support area, there could be an upside continuation. If not, the price may perhaps start an extended downside correction towards the $0.2880 and $0.2850 support levels.
Technical Indicators
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 correcting lower and it could test the 55 level.
Major Support Levels – $0.2990, $0.2950 and $0.2950.
Major Resistance Levels – $0.3060, $0.3100 and $0.3120.
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Aayush Jindal, Khareem Sudlow