Ripple (XRP) Price Could Bounce Back Towards $0.3100
- Ripple price is holding the main $0.2950 support area against the US dollar.
- The price is likely to recover in the near term and it could trade towards $0.3080 or $0.3100.
- There is a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to climb higher as long as it is above the $0.2950 support area.
Ripple price is currently trading in a range against the US Dollar, but lost ground vs bitcoin. XRP might start a strong upward move if it clears $0.3020 and $0.3040.
Ripple Price Analysis
In the past two days, there was a steady decline in ripple price from the $0.3089 swing high against the US Dollar. The XRP/USD pair broke the $0.3040 and $0.3000 support levels. It even broke the $0.2980 level and tested the next key support near $0.2950, where buyers emerged. The 50% Fib retracement level of the upward move from the $0.2834 low to $0.3089 high also acted as a support. As a result, there were a couple of swing moves and the price remained above the $0.2950 support.
On the upside, an initial resistance is near $0.2985, and the 23.6% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low. However, the main resistance is near the $0.3000 and $0.3010 levels. There is also a declining channel in place with resistance near $0.3010 on the hourly chart of the XRP/USD pair. Above the channel resistance, the $0.3020 level could prevent gains. It represents the 50% Fib retracement level of the recent decline from the $0.3089 high to $0.2951 low.
If there is a successful close above $0.3000 and $0.3020, the price could start a strong upward move. The next resistance is near $0.3040, above which the price may revisit the $0.3089 swing high. On the downside, the $0.2950 support holds the key. If there is a bearish break below $0.2950, the price may perhaps decline sharply towards $0.2900 or $0.2880.
Looking at the chart, ripple price is likely to grind higher considering the current market sentiment for bitcoin. A few other altcoins are gaining momentum, therefore, XRP price might also start a decent upward move. Having said that, the bulls need to pierce the $0.3020 resistance with a follow through above $0.3040 to challenge the $0.3100 or $0.3120 level.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level, with a minor bearish angle.
Major Support Levels – $0.2960, $0.2950 and $0.2910.
Major Resistance Levels – $0.3000, $0.3020 and $0.3040.