- Ripple price is currently correcting gains after setting a new weekly high at $ 0.2872 against the US dollar.
- The price is trading below the $ 0.2800 level and it might correct towards the $ 0.2720 support.
- There was a break below a connecting bullish trend line with support near $ 0.2775 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might correct lower towards the key $ 0.2720 and $ 0.2700 support levels in the near term.
Ripple price is correcting lower against the US Dollar and bitcoin. XRP price is likely to bounce back after it revisits the key $ 0.2720 support area.
Ripple Price Analysis
Yesterday, there was a minor downside correction in ripple price from the $ 0.2850 resistance against the US Dollar. XRP price tested the key $ 0.2720 support area. A base was formed above $ 0.2700 and later the price started a fresh increase. There was a break above the $ 0.2750 resistance and the price remained well above the 100 hourly simple moving average.
Finally, the price surpassed the $ 0.2850 resistance area and traded to a new weekly high at $ 0.2872. Recently, the price started a downside correction below the $ 0.2850 and $ 0.2800 levels. Additionally, there was a break below the 50% Fib retracement level of the recent rise from the $ 0.2715 low to $ 0.2872 high. More importantly, there was a break below a connecting bullish trend line with support near $ 0.2775 on the hourly chart of the XRP/USD pair.
The pair is now testing the 61.8% Fib retracement level of the recent rise from the $ 0.2715 low to $ 0.2872 high. An immediate support is near the $ 0.2750 level. It coincides with the 76% Fib retracement level of the recent rise from the $ 0.2715 low to $ 0.2872 high. If there are more downsides, ripple price could revisit the main $ 0.2720 support area in the near term.
On the upside, an initial resistance is near the $ 0.2800 level. The next resistance is near the $ 0.2850 level, above which the price is likely to accelerate above the $ 0.2872 high. The next stop for the bulls in the mentioned case could be $ 0.2950.
Looking at the chart, ripple price is clearly correcting lower from the $ 0.2872 high. It might continue to decline below the $ 0.2750 support. However, the $ 0.2720 and $ 0.2700 are likely to hold the decline. Overall, as long as the price is above the $ 0.2700 level, it is likely to bounce back above $ 0.2820.
Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major Support Levels – $ 0.2750, $ 0.2720 and $ 0.2700.
Major Resistance Levels – $ 0.2800, $ 0.2850 and $ 0.2920.