- Ripple price seems to be struggling near the $0.3700 and $0.3740 resistances against the US dollar.
- The price corrected lower recently, but it stayed above the main support at $0.3480.
- There is a major bullish trend line forming with support near the $0.3510 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could either bounce back towards $0.3700 or decline below the $0.3480 support in the near term.
Ripple price is currently trading in a range against the US Dollar and bitcoin. XRP seems to be preparing for the next move either towards $0.3700 and $0.3740 or below the $0.3480 support.
Ripple Price Analysis
Recently, we saw a nice upward move above the $0.3500 level in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3650 resistance and the 100 hourly simple moving average. It climbed towards the $0.3800 level, but struggled to hold gains above the $0.3740 resistance. Later, there were a couple of attempts to surpass the $0.3740 resistance, but buyers failed to gain traction. As a result, there was a downside correction below $0.3600 and the price started trading in a range.
It broke the 50% Fib retracement level of the upward move from the $0.3256 low to $0.3790 high. However, the $0.3480 support area acted as a strong support and prevented declines. There was also no break below the 61.8% Fib retracement level of the upward move from the $0.3256 low to $0.3790 high. Besides, there is a major bullish trend line forming with support near the $0.3510 on the hourly chart of the XRP/USD pair. The pair is currently trading near $0.3550 and below the 100 hourly simple moving average.