Ripple (XRP) Price Up 4% While BTC and ETH Are Consolidating
- Ripple price is showing positive signs and it recently gained pace above $0.2800 against the US dollar.
- The price is up around 4% and it is currently testing the key $0.2850 resistance area.
- There is a major bullish trend line forming with support near $0.2770 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could correct lower in the short term, but dips remain supported near $0.2770 and $0.2750.
Ripple price is gaining bullish momentum against the US Dollar, bitcoin and Ethereum. XRP price must surpass $0.2850 to continue higher in the near term.
Ripple Price Analysis
This past week, there was a sharp correction in ripple price below the $0.2750 support area against the US Dollar. XRP price even broke the $0.2700 level before the bulls took a stand near the $0.2650 support area. Later, a support base was formed near $0.2650 and recently the price started a fresh increase. It broke the $0.2700 and $0.2750 resistance levels to move into a positive zone.
Moreover, there was a close above the $0.2750 level and the 100 hourly simple moving average. The price tested the key $0.2850 resistance area and formed a high near $0.2857. At the moment, the price is consolidating gains near the $0.2850 resistance. An immediate support is near the $0.2820 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.2730 low to $0.2857 high.
However, there are many supports on the downside for ripple near the $0.2800 and $0.2780 levels. Additionally, the 50% Fib retracement level of the recent wave from the $0.2730 low to $0.2857 high is near the $0.2800 level. More importantly, there is a major bullish trend line forming with support near $0.2770 on the hourly chart of the XRP/USD pair.
The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $0.2730 low to $0.2857 high. The main support is near the $0.2750 level, below which the price could resume its decline towards the $0.2650 and $0.2600 support levels. On the upside, the main resistance is near the $0.2850 level. A convincing close above the $0.2850 resistance might set the pace for more gains towards $0.2950 and $0.3000.
Looking at the chart, ripple price is clearly showing positive signs above $0.2750, while bitcoin and Ethereum are struggling to climb higher. Therefore, there are high chances of more gains above the $0.2850 resistance.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Levels – $0.2800, $0.2780 and $0.2750.
Major Resistance Levels – $0.2850, $0.2920 and $0.2950.
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Aayush Jindal, Khareem Sudlow