- Ripple price found a support at $0.3120 allowing more buying entries, hence a sustained rebound above $0.330 resistance.
- The Upside stepped above $0.350 forming a high at $0.3550.
- XRP/USD is trading in a positive zone with a potential for more gains.
Ripple staged a recovery from yesterday’s declines that had found a support at $0.3120. XRP/USD had embarked on a bearish reaction on failure to break the resistance at $0.3431. The declines continued below $0.330, formed a low of $0.3125 but buyers entered on reaching the support mentioned.
The upward roll continued past the resistance at $0.330. The decent recovery, however, came to a halt at the 50% Fib retracement taken between the highs of $0.357 and the lows of $0.3113. Subtle lower corrections were supported at $0.330. The bulls not giving up pushed for more upside movement past the 50% Fibo resistance.
This paved the way for more retracement past $0.340 and $0.350. Ripple formed an intraday high of $0.3550 and consolidated above the 100 hourly simple moving average. At the time of press, Ripple is dancing with the 61.8% Fib resistance level with the previous high leg of $0.357 and a low leg of $0.3113. The price is making slight upside corrections above $0.340. The initial support is highlighted at the 61.8% Fib level close to $0.340. The trendline will also offer support while the next support target is $0.330 (38.2% Fib level).
The outlook of XRP/USD hourly chart shows that asset is back in the positive zone. The MACD is still in the bullish zone while the stochastic is ranging around the 50% mark.
XRP/USD 1-hour chart
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