After trading below the support level of $0.2900 against the USD, the price of Ripple has steadily recovered. It climbed unexpectedly higher and even broke the major resistance levels of $0.3200 and $0.3000. The coin is now showing a number of positive signs above its market price of $0.3200 against its main competitor, the US Dollar. If it manages to break the key resistance levels of $0.3300 and $0.3280, then the price could continue to rise further.
How Ripple Has Been Trading Lately
A major downside movement in the price of Ripple was recently seen below its main support of $0.3000 against the US dollar. The pair of both USD and XRP even broke the support of $0.2900 and dropped to the support area of $0.2850. Later on, a new monthly low close to $0.2850 was formed before the price began an upside correction some days ago. It is also important to note that there was a break above the resistance levels of $0.3100 and $0.3000. The price later settled above the $0.3100 level as well as a simple moving average of 100. The bulls later gained traction and the price even went past the $0.3240 and later traded towards the level of $0.3280.
Strong Support In The Near Future
On the downside, there are many supports in the region of $0.3200 as well as $0.3150. In addition to that, there is also an ascending channel that is forming with support in the region of $0.3150 on the Ripple and US Dollar pair hourly charts. There has also been a 50% Fib retracement level of the recently experienced wave from the low of $0.03041 to the high of $0.3274. This is also near the channel support and might also act as a very strong support in the near future. Should there be a downside under the channel support, the coin’s price might find its way towards the level of $0.3040. The 100-hourly SMA at the price of $0.3090 might, however, safeguard any possible losses. An immediate resistance is expected in the regions of $0.3280 and $0.3275 levels, and this could boost things for the better. Above this, the XRP price could surge way below the price level of $0.3300 in the next couple of days.
A Keen Look At The XRP Price Chart
The charts show that Ripple price is trading with a positive bias that is right above the two major support levels of $0.3040 and $0.3150. Thus, there are still chances of more price increase above the resistance levels of $0.3300 and $0.3280. The hourly MACD for the pair of US Dollar and Ripple are slowly making its way to the bearish zone. The Hourly Relative Strength Index for the pair is now correcting lower towards the 50 level, with a special bearish angle. There are three major support levels as follows; $0.3150, $0.3150, and $0.3040. There are also three major resistance levels as follows $0.3280, $0.3300, as well as $0.3320.