Analysis Aayush Jindal | March 1, 2019 | 5:00 am
Ripple price is showing a few positive signs against the US Dollar and bitcoin. XRP/USD recently broke a key resistance and it could continue to rise towards $0.3200 and $0.3250.
Ripple Price Analysis
Yesterday, we saw a nasty decline below the $0.3200 and $0.3150 supports in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3000 support and traded as low as $0.2980. Later, the price started an upside correction and moved above the $0.3050 resistance. There was a break above the 23.6% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.
Later, the price gained traction and broke the $0.3100 resistance and the 100 hourly simple moving average. Moreover, yesterday’s highlighted key declining channel was breached with resistance near the $0.3110 level on the hourly chart of the XRP/USD pair. The pair tested the $0.3150 resistance level and later started trading in a range. At the moment, the pair is trading inside a short term triangle with resistance at $0.3155 on the same chart. Above the triangle, an immediate resistance is near the $0.3185 level. It coincides with the 50% Fib retracement level of the last slide from the $0.3390 high to $0.2980 swing low.
If there is a break above the $0.3185 and $0.3200 resistance levels, the price could continue to move higher. The next key resistance is near the $0.3250 level. An intermediate resistance could be $0.3235 and the 61.8% Fib retracement level of the same wave. On the other hand, if the price fails to climb above $0.3150 and $0.3185, it could decline towards the $0.3050 support. The main support is at $0.3000, below which the price could turn bearish.
Looking at the chart, ripple price is currently trading in a positive zone above the $0.3050 and $0.3080 supports. Having said that, buyers need to gain pace above $0.3150 and $0.3185 to set the pace for more upsides in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD managed to move above the 50 level, with a positive bias.
Major Support Levels – $0.3080, $0.3050 and $0.3020.
Major Resistance Levels – $0.3150, $0.3185 and $0.3200.
Tags: Ripple, xrp
