Key Highlights
- Ripple price is finding strong buying interest near the $0.9100 level against the US dollar.
- Buyers are making an attempt to push the price above a bearish trend line at $0.9550 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair could accelerate higher once there is a close above the $0.9800 resistance in the near term.
Ripple price is following a bullish path against the US Dollar and Bitcoin. XRP/USD should move above the $0.9800 resistance to gain upside momentum.
Ripple Price Rise
There was a positive development in Ripple price from the $0.9000 swing low against the US Dollar. The price tested the $0.9100 and $0.9000 support levels on a couple of occasions. However, sellers failed to push the price below $0.9000, which prompted an upside move. It seems like there is a major support base forming above $0.9000, which could increase bullish pressure in the near term.
Earlier, there was a dip below the 50% Fib retracement level of the last wave from the $0.8398 low to $1.0268 high. However, the downside move was limited by $0.9100. Moreover, the 61.8% Fib retracement level of the last wave from the $0.8398 low to $1.0268 high also acted as a support. An upside move in underway, and the XRP/USD pair is making an attempt to push the price above a bearish trend line at $0.9550 on the hourly chart. Should there be a close above $0.9600 and $0.9800, the price could move above $1.0000.
Above $1.0000, it has to break the $1.0265 high to rise further. The overall bias is positive as long as the price is above the $0.9100 and $0.9000 support levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly flat with a few bearish signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has just moved below the 50 level.
Major Support Level – $0.9200
Major Resistance Level – $1.0250
Charts courtesy – SimpleFX
Obviously there was a time difference between when this post was submitted and when it is live. Ripple is already at 1.06. So you need to modify your post my friend.
No need. Very soon this post will be true n still usable my friend. That time just change the posted date.