Ripple Price Analysis: XRP Rally Unwinds But Not Likely Over

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Ripple price gained traction and broke the $0.3400 resistance area before sellers appeared against the US dollar.The price topped near the $0.3460 level and later started a sharp downside correction.Yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair (data source from Kraken).The price is likely preparing for a fresh upward move as long as it is above the $0.3100 support area.Ripple price rallied sharply before trimming most of its gains against the US Dollar and bitcoin. XRP/USD remains supported on the downside above $0.3100 and it could bounce back soon.Ripple Price AnalysisYesterday, there was a solid upward move in ripple price above the $0.3200 resistance area against the US Dollar. The XRP/USD pair gained traction and broke the $0.3300 and $0.3320 resistance levels. It even broke the $0.3400 resistance and spiked above the $0.3450 level. The price topped near the $0.3460 level and later started a sharp downside correction. It declined below the $0.3320 support and the 50% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. Sellers even pushed the price below the $0.3250 support area.However, the price found support near the $0.3160 level. The 61.8% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high also acted as a support. Moreover, yesterday’s highlighted major bullish trend line is intact with support near $0.3190 on the hourly chart of the XRP/USD pair. Below the trend line, the next support is near the $0.3135 level. It coincides with the 76.4% Fib retracement level of the last wave from the $0.3036 low to $0.3459 high. The main support is near the $0.3100 level and the 100 hourly simple moving average.Therefore, the price is likely to find a lot of buying interest near the $0.3160, $0.3130 and $0.3100 supports. If there is a downside break below the $0.3100 support, the price might move back in a bearish zone. On the other hand, if the price stays above $0.3100, it could start a fresh upward move above $0.3300.Looking at the chart, ripple price remains well supported above the $0.3100 level. In the short term, there could be range moves, but the price is likely to climb higher once again above $0.3300. The main resistance is near the $0.3350 level, above which there are high chances of gains above $0.3400 in the near term.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but it is still below the 50 level.Major Support Level – $0.3100Major Resistance Level – $0.3350

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