- Ripple price recently gained bullish momentum above the $0.3650 resistance against the US dollar.
- There was a break above a key triangle with resistance at $0.3665 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair traded towards the $0.3840 level and it is currently correcting lower.
Ripple price is back in a positive zone against the US Dollar and Bitcoin. XRP/USD could dip a few points towards the $0.3700 support before a fresh upward move in the near term.
Ripple Price Analysis
Yesterday, we discussed a possible upward move above $0.3680 in ripple price against the US Dollar. The XRP/USD pair did gain bullish momentum and traded above the $0.3600 and $0.3650 resistance levels. It also cleared the 76.4% Fib retracement level of the last slide from the $0.3760 high to $0.3580 low. More importantly, there was a proper close above the $0.3680 resistance and the 100 hourly simple moving average.
Finally, there was a break above a key triangle with resistance at $0.3665 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price traded above $0.3800. A new intraday high was formed at $0.3823 and later the price corrected lower. It is currently trading below $0.3800 and $0.3780 levels. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $0.3591 low to $0.3823 high. However, there are many supports on the downside near the $0.3720 and $0.3700 levels. Besides, the 50% Fib retracement level of the recent wave from the $0.3591 low to $0.3823 high is at $0.3706.
Looking at the chart, ripple price is currently placed nicely in a positive zone above the $0.3680 level. In the short term, there could be a few bearish moves, but the $0.3700 support could act as a support. On the upside, the price may soon break $0.3850 and $0.3900.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone, signaling more gains.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 60 level.
Major Support Level – $0.3700
Major Resistance Level – $0.3840