Ripple price has formed a strong support above the $0.3070 level against the US dollar.The price is facing a couple of strong resistances near the $0.3130 and $0.3160 levels.There is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to climb above $0.3160 and $0.3200 as long as the $0.3070 support is intact.Ripple price is positioning for more gains against the US Dollar and bitcoin. XRP/USD is likely to rebound above the $0.3200 pivot level once it clears the $0.3130-0.3140 resistance zone.Ripple Price AnalysisRecently, there was a steady decline in ripple price below the $0.3070 and $0.3050 supports against the US Dollar. The XRP/USD pair traded close to the $0.3020 support level and later started a fresh rebound. The price corrected above $0.3070 and $0.3100 before sellers appeared near the $0.3165-0.3170 resistance area. A swing high was formed at $0.3167 and finally the price decline below the $0.3130 support. There was a break below the 50% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high.Besides, there was a break below the $0.3100 support and the 100 hourly simple moving average. However, the $0.3070-0.3080 support area acted as a strong buy zone. More importantly, the 61.8% Fib retracement level of the last wave from the $0.3021 low to $0.3167 high acted as a support. The price is currently moving higher and trading nicely above the $0.3100 level and the 100 hourly SMA. It seems like there is a key contracting triangle formed with resistance at $0.3130 on the hourly chart of the XRP/USD pair.Therefore, the pair is likely preparing for the next move either above $0.3130 or below the $0.3095 support. On the upside, a break above the $0.3130 resistance may push the price towards the $0.3167 swing high. The next key resistance is near the $0.3200 level, above which there are chances of a push to $0.3225. On the other hand, a downside break below the triangle support at $0.3095 could push the price towards the $0.3070 support area.Looking at the chart, ripple price is trading with a positive bias above the $0.3070 support. Once there is a clear break above $0.3130 and $0.3140, the chances of more gains are likely to increase. On the downside, the main support area is at $0.3070, followed by $0.3020.Technical IndicatorsHourly MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 65 level.Major Support Levels – $0.3080, $0.3070 and $0.3020.Major Resistance Levels – $0.3130, $0.3165 and $0.3200.
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