Ripple Price Weekly Analysis: XRP Likely Preparing For Next Upside Break
- Ripple price tested the $0.3400 resistance area on a few occasions against the US dollar.
- The price failed to break the $0.3380-0.3400 resistance and declined below $0.3200.
- There is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could dip to test the $0.3050 support area before it could break to the upside above $0.3150.
Ripple price seems to be preparing for the next bullish break against the US Dollar and bitcoin. XRP/USD could rally once it breaks the $0.3150 resistance area in the near term.
Ripple Price Analysis
This past week, we saw a nasty upward move in ripple price above the $0.3200 resistance against the US Dollar. The XRP/USD pair rally was triggered by the Coinbase Pro listing, but it faced a strong resistance near $0.3400. There were a few moves, with intermediate lows near $0.3150, but the price failed to clear $0.3400. There were most than two attempts to break the $0.3380-0.3400 resistance. As a result, there was a sharp decline and the price broke the $0.3250 and $0.3200 support levels.
The last swing low was formed at $0.2984 and the price later recovered above $0.3050. There was a break above the 50% Fib retracement level of the last decline from the $0.3391 high to $.2984 low. The price even spiked above the $0.3180 resistance and the 100 simple moving average (4-hours). Having said that, sellers defended the $0.3230 level and prevented further gains. The 61.8% Fib retracement level of the last decline from the $0.3391 high to $.2984 low also acted as a resistance.
At the moment, there is a crucial contracting triangle formed with resistance at $0.3140 on the 4-hours chart of the XRP/USD pair. The pair seems to be currently in the 5th wave, which could complete anywhere near the $0.3050 level. As long as the price is trading above the $0.3050 and $0.3000 support levels, there is a risk of an upside break. A close above the $0.3150 resistance could trigger bullish moves towards $0.3230 and $0.3300.
Looking at the chart, ripple price has formed a solid support above $0.2950 and $0.3000. Therefore, there are high chances of an upside break above $0.3150 and $0.3180. Besides, bitcoin and Ethereum may also follow XRP if buyers gain pace above the $0.3150 resistance level in the near term.
4 hours MACD – The MACD for XRP/USD is slightly placed in the bearish zone, but it could move back in the positive zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Major Support Level – $0.3000
Major Resistance Level – $0.3150
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