Ripple started a downward correction on the $ 0.3080 resistance against the US dollar. The XRP price is above $ 0.2900 and must exceed $ 0.3000 for a new rally.
- Ripple started a sharp downward correction from the high of $ 0.3083 against the US dollar.
- The price is now trading below the $ 0.3000 resistance but above the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the XRP / USD pair (data source from Kraken) with support near USD 0.2880.
- The pair is likely to resume its rally when it hits the $ 0.2960 and $ 0.3000 resistance levels.
The Ripple Prize is facing the main hurdle
This week we saw a sharp rise in ripple above the USD 0.2880 resistance zone. The XRP price even broke the resistance level of $ 0.2920 and was above the 100-hour simple moving average.
Eventually there was a break above the $ 0.3000 level and the price traded to a new monthly high of $ 0.3083 before correcting lower. There was a sharp drop below the $ 0.3000 support (similar to Bitcoin and ETH).
The XRP price even passed the support level of $ 0.2920 but found support near the $ 0.2800 level. It bounced back above the $ 0.2880 pivot level. There was a break above the 23.6% fib retracement level of the downward move from the high of $ 0.3083 to the low of $ 0.2805.
Source: XRPUSD on TradingView.com
It appears that a large bullish trendline is forming on the hourly chart of the XRP / USD pair with support near $ 0.2880. On the upside, the price is facing strong resistance near the $ 0.2960 level. It is close to the 50% Fib retracement level of the move down from the high of $ 0.3083 to the low of $ 0.2805.
A significant break above the $ 0.2960 resistance level could pave the way for further upside moves above $ 0.3000. A successful close above $ 0.3000 could drive the price towards the $ 0.3080 and $ 0.3120 levels.
Important supports for XRP
The first major support for Ripple is near the $ 0.2900 level. The next major support is forming near the USD 0.2880 level and a connecting bullish trendline.
The 100-hour SMA is also aligned for trendline support and $ 0.2860. A sharp break below trendline support, the 100-hour SMA and $ 0.2850 could increase the chances of a sharp decline.
Hourly MACD – The MACD for XRP / USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently falling, below the 50 level.
Key support levels – $ 0.2900, $ 0.2880, and $ 0.2850.
Main Resistance Levels – $ 0.2960, $ 0.3000, and $ 0.3080.