- Ripple price is trading nicely above the $0.2180 pivot area against the US dollar.
- The price is likely to slowly rise towards the $0.2265 and $0.2300 resistance levels.
- There is a major bullish trend line forming with support near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is also rising, but it is struggling to clear the $150 and $152 resistance levels.
Ripple price is back in a positive zone against the US Dollar and bitcoin. XRP price must climb above $0.2265 to continue higher in the near term.
Ripple Price Analysis
Earlier this week, there was a sharp decline in ripple from the $0.2265 resistance area against the US Dollar. However, the price remained well bid above the $0.2100 support and recently started a fresh increase. The last swing low was near $0.2115 before the price climbed above the $0.2150 resistance. Moreover, there was a break above the $0.2180 resistance and the 100 hourly simple moving average.The recent rise was such that the price once again tested the $0.2265 resistance area. A swing high was formed near $0.2264 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $0.2115 low to $0.2264 high.
On the downside, there are many supports, starting with $0.2200 and the previous bearish trend line. Additionally, the 100 hourly simple moving average is positioned near the $0.2180 level. More importantly, there is a major bullish trend line forming with support near $0.2180 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent wave from the $0.2115 low to $0.2264 high.