Key Highlights
- Ripple price started a short-term upward move towards the $0.2700 resistance area against the US dollar.
- Yesterday’s highlighted two bearish trend lines with resistance at $0.2600 and $0.2690 were breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is correcting higher, but it is likely to face a lot of hurdles near $0.2750, $0.2800 and $0.2900.
Ripple price has recovered a few points against the US Dollar and Bitcoin. XRP/USD is likely to face a strong resistance near the $0.2900 level.
Ripple Price Recovery
Yesterday, we discussed how Ripple price struggled below the $0.2800 level and declined towards $0.2500 against the US Dollar. The XRP/USD pair traded as low as $0.2492 and later started an upside correction. The price moved higher and broke the $0.2600 and $0.2650 resistance levels. The upside move was positive as there was a break above the $0.2700 resistance as well.
Besides, the price surpassed the 50% fib retracement level of the recent decline from the $0.2899 high to $0.2492 low. Additionally, yesterday’s highlighted two bearish trend lines with resistance at $0.2600 and $0.2690 were breached on the hourly chart of the XRP/USD pair. The price is now trading with a positive angle above the $0.2700 level and the 100 hourly simple moving average. However, there are many resistances for buyers near the $0.2750 and $0.2800 levels. The 76.4% fib retracement level of the recent decline from the $0.2899 high to $0.2492 low is also at $0.2800.
Looking at the chart, ripple price could continue to correct higher as long as it is above $0.2650. However, buyers are likely to struggle near the $0.2750 and $0.2800 resistances. Above $0.2800, the next major hurdle and a pivot level is at $0.2900.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Level – $0.2650
Major Resistance Level – $0.2800
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