- Ripple price is climbing higher and it recently surpassed the $ 0.2950 resistance against the US dollar.
- The price is moving towards $ 0.3000 and it could rally sharply above $ 0.3020.
- There is a rising channel forming with support near $ 0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could dip a few points, but it remains well supported near $ 0.2940 and $ 0.2860.
Ripple Price Analysis
Yesterday, we saw the start of a fresh increase in ripple price above $ 0.2850 while bitcoin and Ethereum were struggling against the US Dollar. XRP price remained in a positive zone above $ 0.2850 and it even climbed above the $ 0.2920 resistance. Moreover, there was a break above the $ 0.2950 resistance and the price settled well above the 100 hourly simple moving average.
The upward move was such that the price traded close to the $ 0.3000 resistance. Finally, a high was formed near $ 0.2992 and the price is currently consolidating gains. An immediate support is near the $ 0.2960 level. It coincides with the 23.6% Fib retracement level of the recent leg from the $ 0.2863 low to $ 0.2992 high. On the downside, there are many supports near the $ 0.2940 level.
Additionally, there is a rising channel forming with support near $ 0.2940 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the recent leg from the $ 0.2863 low to $ 0.2992 high. If there are more downsides, ripple price could test the main $ 0.2860 and $ 0.2850 support levels (the recent resistances). An intermediate support is near the 61.8% Fib retracement level of the recent leg from the $ 0.2863 low to $ 0.2992 high.
On the upside, an initial resistance is near the $ 0.3000 level. A successful close above the $ 0.3000 resistance could set the stage for strong gains in the near term.an immediate resistance is near $ 0.3020, above which the price may perhaps rally towards the $ 0.3050 and $ 0.3080 levels.
Looking at the chart, ripple price is clearly trading in an uptrend and is gaining momentum above $ 0.2920. The next stops are near the $ 0.3000 and $ 0.3020 levels. Besides, Ethereum is also climbing higher, but bitcoin is struggling to clear the $ 8,350 and $ 8,400 resistances.
Hourly MACD – The MACD for XRP/USD is gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level.
Major Support Levels – $ 0.2960, $ 0.2940 and $ 0.2860.
Major Resistance Levels – $ 0.3000, $ 0.3020 and $ 0.3050.