- Ripple price formed a decent support near the $0.3100 level and moved higher against the US dollar.
- The price broke the $0.3150 resistance, but upsides remain capped near the $0.3200 level.
- There was a break above a key bearish trend line with resistance at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair faced a strong resistance near $0.3200 and it corrected towards the $0.3150 support.
Ripple price failed to hold gains against the US Dollar, but upsides were limited versus bitcoin. XRP/USD is currently consolidating above $0.3140 and it could slowly move higher.
Ripple Price Analysis
Recently, ripple price formed a solid support near the $0.3100 level against the US Dollar. The XRP/USD pair started a nice upward move and traded above the $0.3120 and $0.3140 resistance levels. There was even a close above the $0.3140 resistance and the 100 hourly simple moving average. The upward move was strong as the price cleared the 76.4% Fib retracement level of the last drop from the $0.3185 high to $0.3095 low.Besides, there was a break above a key bearish trend line with resistance at $0.3145 on the hourly chart of the XRP/USD pair. The pair climbed above the $0.3180 level, but it faced a strong resistance near the $0.3200 level. The current price action in bitcoin and Ethereum seems to be positive, but ripple failed to remain in a positive zone. It corrected lower below $0.3180 and the 23.6% Fib retracement level of the recent wave from the $0.3094 low to $0.3201 high.