Ripple extended its rise above the $0.2920 resistance against the US Dollar. XRP price even broke the $0.3000 resistance and it is currently correcting gains.
- Ripple is back in a positive zone above the $0.2920 and $0.2950 levels against the US dollar.
- The price traded to a new weekly high at $0.3043 and it is now well above the 100 hourly simple moving average.
- There is a key connecting bullish trend line forming with support near $0.2975 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct a few points, but dips are likely to remain supported near $0.2950.
Ripple Price Breaks $0.3000
The recent increase in Ethereum and bitcoin dragged ripple higher above the $0.2920 resistance. XRP climbed above the $0.2950 barrier and settled well above the 100 hourly simple moving average.
Finally, it broke the $0.3000 barrier and traded to a new weekly high at $0.3043. It is currently correcting lower and trading below $0.3020. There was a break below the 23.6% Fib retracement level of the recent rise from the $0.2869 low to $0.3043 high.
The price is now testing the $0.2980 support zone. There is also a key connecting bullish trend line forming with support near $0.2975 on the hourly chart of the XRP/USD pair.
Ripple price trades above $0.3000. Source: TradingView.com
If there is a downside break below the trend line, the price could test the $0.2950 support area. It is important since it is close to the 50% Fib retracement level of the recent rise from the $0.2869 low to $0.3043 high.
On the upside, ripple price is likely to gain pace above the $0.3020 and $0.3040 levels. The first major resistance is near the $0.3080 level, above which the bulls are likely to aim a test of the $0.3120 resistance in the near term.
Dips Limited in XRP?
If ripple starts a downside correction, the bulls are likely to protect the main $0.2950 support zone. The next major support is near the $0.295220 pivot level.
Any further losses are likely to lead the price towards the $0.2850 support level or the 100 hourly simple moving average, where the bulls are likely to take a strong stand.
Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 50 level.
Major Support Levels – $0.2950, $0.2920 and $0.2900.
Major Resistance Levels – $0.3020, $0.3040 and $0.3080.