Key Highlights
- Ripple price fell further and traded below the $0.3300 level before starting a recovery against the US dollar.
- There was a break above a short-term bearish trend line with resistance at $0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may perhaps correct further higher towards the $0.3600 and $0.3650 levels in the near term.
Ripple price is slowly recovering after heavy declines against the US Dollar and Bitcoin. XRP/USD could correct further towards the $0.3650 resistance.
Ripple Price Resistance
There were further losses noted in Ripple price below the $0.3500 support level against the US Dollar. The XRP/USD pair even broke the $0.3300 support and traded as low as $0.3200. Later, buyers appeared and prevented more losses below $0.3200. A short-term correction wave was initiated and the price moved above the $0.3300 level.
More importantly, there was a break above a short-term bearish trend line with resistance at $0.3350 on the hourly chart of the XRP/USD pair. The pair also moved above the 23.6% Fib retracement level of the recent drop from the $0.4133 high to $0.3200 low. It seems like there could be more recoveries above the $0.3500 level in the near term. However, there is a major resistance, waiting near the $0.3650 level. It coincides with the 50% Fib retracement level of the recent drop from the $0.4133 high to $0.3200 low. Moreover, there is also a major bearish trend line positioned near the $0.3700 level.
Looking at the chart, ripple price is slowly recovering above the $0.3500 level. However, the price is likely to face heavy selling interest above the $0.3600 level. On the downside, the $0.3300 and $0.3200 levels are decent supports for short-term recoveries.
Looking at the 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 recovering nicely and it is placed above 50.
Major Support Level – $0.3300
Major Resistance Level – $0.3650
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