It appears that Ripple’s XRP is set to maintain its strong position since it changed course for the better only days ago. The coin is finally leaving the terrible state it was in. XRP was branded the worst performing digital asset for the year so far. Now, things are beginning to take shape for the asset class. Our XRP price forecast today shows that the price XRP is signaling a fresh increase. The coin could reach $0.35 in the near term.
The price of XRP is slowly moving higher and is currently above the $0.3100 area against the USD which is a resistance point. The coin’s price is trading at 0.3200 at press time. Via the hourly chart of the XRP/USD pair, there was a break above $0.3160 which is a major bearish pattern and resistance. The analysis also shows that XRP price is now consolidating, although there’s a chance that the asset will pull in more gains above the $0.330 and $0.3400 areas.
XRP price is showing positive signs above the $0.3150 area and could slowly rise. It might test $0.3500 which is the next resistance. Let’s see how we arrived at the above conclusions.
XRP Has Had a Decent Support Base Against the USD in the Past Week
XRP has had a decent support base against the USD in the past week. The XRP/USD pair stayed stable above $0.3000 and $0.3030 both support points. A swing low formed near the $0.2997 area and the price initiated an upward movement. XRP is currently indicating positive signals. It is now trading above the resistance areas at $0.3100 and $0.3150.
Additionally, we can see a break over the 23.6% Fibonacci retracement via the last drop from $0.3419 to $0.2997. There was also a break above a significant bearish pattern with resistance at $0.3160 via the 4-hour chart of the pair. The XRP/USD pair is consolidating near $0.3200 and the 50% Fibonacci retracement level via the last major drop from $0.3419 to $0.2997.
A Downside Correction is Still a Possibility for XRP
We might also see a downside correction for the XRP/USD pair, but the broken resistance point near $0.3150 can act as a support base. If XRP endures any more downsides, it’s price could revisit $0.3100 which is a support point. The most significant support area is close to $0.3030. In the event that there’s a downside break under $0.3030, XRP price could continue to go weaker in the near term.
Looking at the upside, the immediate resistance at $0.3250 level. However, the 61.8% Fibonacci retracement level via the last drop from $0.3419 to $0.2997 is another strong resistance area. A break above $0.3250 (another resistance) might clear the way for more gains via the near term.
Via the chart, XRP price is showing positive signals above $0.3150 which is a support base. Therefore, the chances of more upward movement above $0.3250 and $0.3300 both resistance levels are high. The primary stop for the bulls is near $0.3500.
What do the Technical Indicators Say?
The MACD pattern for the XRP/USD pair is currently gaining pace in the bullish region. The RSI pattern for the XRP/USD pair is also correcting lower near the 50 area. There are key support positions at the $0.3150, $0.3100 and the $0.3030 areas. The key resistant positions for the pair include $0.3250 and $0.3320.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.
