- Ripple price tested the key support near $0.3600 and later recovered against the US dollar.
- There is a crucial breakout pattern forming with resistance at $0.3680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to make the next move either above $0.3700 or below $0.3580 in the near term.
Ripple price corrected lower towards major supports against the US Dollar and Bitcoin. XRP/USD is now preparing for the next move either above $0.3700 or towards $0.3400.
Ripple Price Analysis
Recently, ripple price corrected lower from the $0.3759 high against the US Dollar. The XRP/USD pair declined below the $0.3700 and $0.3680 support levels. The decline was such that the price moved below the $0.3600 support. However, buyers appeared near the key $0.3580 support and protected more losses. More importantly, the 100 hourly simple moving average, currently at $0.3600 also acted as a support.
The price is currently recovering above the $0.3620 level. It broke the 23.6% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low. However, there are many resistances near the $0.3670, $0.3680 and $0.3700 levels. The first hurdle is the 50% Fib retracement level of the recent decline from the $0.3759 high to $0.3580 low at $0.3670. The main barrier is a crucial breakout pattern forming with resistance at $0.3680 on the hourly chart of the XRP/USD pair. If there is a proper close above the triangle and the $0.3680 resistance, the price may break the $0.3700 barrier. The last hurdle for buyers is near the $0.3760 level, above which the price could test $0.3800.
Looking at the chart, ripple price is likely to make the next move either above $0.3700 or below $0.3580. If there is a downside break below $0.3580, the price may decline to $0.3500. The next key support below $0.3500 is near the $0.3400 level.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone, signaling a change in the trend.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed above the 50 level, with a positive angle.
Major Support Level – $0.3580
Major Resistance Level – $0.3680
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