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- Ripple price found support near the $0.4450 level and recently climbed higher against the US dollar.
- The price is now trading well above the $0.4600 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There were positive moves in bitcoin and Ethereum in the past few hours.
Ripple price is showing a lot of positive signs against the US Dollar, just like bitcoin. XRP price is likely setting up for more gains above the $0.4850 and $0.5000 levels in the near term.
Ripple Price Analysis
After a strong upward move, ripple price corrected sharply below $0.4750 against the US Dollar. The XRP/USD pair even broke the $0.4600 support and traded close to the $0.4450 level. However, the bulls defended the $0.4450 support and the 100 hourly simple moving average. As a result, the price started a fresh increase above the $0.4550 level and the 100 hourly simple moving average.
Moreover, the price broke the 23.6% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low. The price is now trading nicely above the $0.4650 level and is well above the 100 hourly SMA. However, the $0.4750 level is acting as a strong resistance. Besides, there is a key bearish trend line forming with resistance near $0.4750 on the hourly chart of the XRP/USD pair.
The 50% Fib retracement level of the last slide from the $0.5085 high to $0.4455 low is also near the $0.4770 level. Therefore, an upside break above the $0.4750 and $0.4770 levels could set the pace for more gains. In the mentioned case, ripple price might even break past the $0.5000 barrier.
Conversely, if XRP continues to struggle near the $0.4750, it could correct a few points in the near term. An immediate support is near the $0.4650 level, below which the price could test $0.4600. The 100 hourly SMA is also near the $0.4600 level to provide support.
Looking at the chart, ripple price recovered nicely above the $0.4600 and $0.4650 levels. However, the bulls need to gain traction above $0.4750 to set the pace for more gains. If bitcoin continues to climb higher, there are strong chances that XRP might surge above the $0.4800 and $0.5000 levels in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, with a minor bearish angle.
Major Support Levels – $0.4650, $0.4600 and $0.4550.
Major Resistance Levels – $0.4750, $0.4770 and $0.4850.
