- Ripple price traded to a new weekly low at $0.2918 and recently recovered against the US dollar.
- The price climbed higher and broke the $0.2985 and $0.3000 resistance levels.
- There was a break above a key bearish trend line with resistance near $0.2970 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently facing a strong resistance near the $0.3040 and $0.3050 levels.
Ripple price started a decent recovery against the US Dollar after a strong upward move in bitcoin and Ethereum. XRP broke the $0.3000 level and it may move higher towards $0.3100.
Ripple Price Analysis
Yesterday, we saw an increase in bearish pressure ripple price below $0.3020 against the US Dollar. The XRP/USD pair traded below the key $0.3000 support level and even settled below the 100 hourly simple moving average. It opened the doors for more losses and the price even broke the $0.2950 support level. A new weekly low was formed near $0.2918 and recently the price bounced back. The main driving force was bitcoin, trading above the $5,850 resistance level.