Key Highlights
- Ripple price found a strong support near the $0.4320 level and bounced back against the US dollar.
- Yesterday’s highlighted key bearish trend line was broken with resistance at $0.4505 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair gained momentum above $0.4550 and traded towards the $0.4700 resistance.
Ripple price climbed higher nicely against the US Dollar and Bitcoin. XRP/USD may continue to move higher towards the $0.4750 and $0.4800 levels in the near term.
Ripple Price Analysis
Yesterday, we discussed that a break above $0.4550 could trigger gains in ripple price against the US Dollar. The XRP/USD pair dipped a few points recently, but it found a strong support near the $0.4320 level. As a result, the price bounced back sharply and broke the $0.4400 and $0.4550 resistance levels. There was also a break above the 61.8% Fib retracement level of the last slide from the $0.4613 high to $0.4322 low.
Additionally, there was a close above the $0.4500 level and the 100 hourly simple moving average. More importantly, yesterday’s highlighted key bearish trend line was broken with resistance at $0.4505 on the hourly chart of the XRP/USD pair. The pair traded above the $0.4613 high as well. It traded close to the 1.236 Fib extension level of the last slide from the $0.4613 high to $0.4322 low. The price found resistance near $0.4700 and it is currently consolidating above the $0.4600 level. On the downside, the previous resistances near the $0.4550 and $0.4540 levels are likely to act as supports.
Looking at the chart, ripple price is back in a positive zone above the $0.4500 level. It seems like the price may continue to move higher towards $0.4750 and $0.4800 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 55 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4750