Ripple Price (XRP) Sighting Upside Break, Dips Remain Supported
The price is currently correcting, but it remains well supported near the $0.2600 level.
There is a breakout pattern forming with resistance near the $0.2650 level on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is likely to climb higher sharply once it clears the $0.2650 and $0.2665 resistance levels.
Ripple price is trading with a positive bias against the US Dollar, while bitcoin surpassed $10,500. XRP price could accelerate gains once it settles above the $0.2650 resistance.
Ripple Price Analysis
Recently, there was a slow and steady rise in XRP price above $0.2550 against the US Dollar. Moreover, the price even settled above the $0.2600 resistance and the 100 hourly simple moving average. However, the bulls seem to be struggling to gain momentum above the $0.2650 resistance area. In the past three sessions, the price made more than two attempts to settle above $0.2650, but it failed.
The last swing high was formed near $0.2673 before the price started a downside correction. It traded below the $0.2630 level plus the 50% Fib retracement level of the last leg from the $0.2585 low to $0.2673 high. However, there are a few decent supports forming near $0.2620 and $0.2600. Additionally, the price is testing the 61.8% Fib retracement level of the last leg from the $0.2585 low to $0.2673 high.
More importantly, there is a breakout pattern forming with resistance near the $0.2650 level on the hourly chart of the XRP/USD pair. If there is a downside break below the $0.2620 level, the price might find support near $0.2600. If there are more downsides, the next key support is near the $0.2580 level since it coincides with the 100 hourly simple moving average.
Conversely, if there is an upside break above $0.2650 and $0.2665, the price could accelerate gains. The next key resistance is near the $0.2700 and $0.2720 levels. Above $0.2720, the price will most likely climb towards the $0.2800 resistance area in the near term.
Looking at the chart, ripple price is currently trading nicely above the $0.2620 and $0.2600 supports. Having said that, the price must settle above the $0.2650 resistance to gain bullish momentum. If it continues to struggle, there are chances of a downside reaction below the $0.2600 support level in the coming sessions.
Hourly MACD The MACD for XRP/USD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for XRP/USD is currently struggling to stay above the 50 level.
Major Support Levels $0.2620, $0.2600 and $0.2580.
Major Resistance Levels $0.2650, $0.2665 and $0.2720.
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