Key Highlights
- Ripple price recently corrected lower and found support near the $0.8400 level against the US dollar.
- There is a crucial bullish trend line forming with support at $0.9350 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair may continue to rise in the near term and it could gain upside momentum above $1.0000.
Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD looks set to gain upside momentum once there is a break above the $1.0000 level.
Ripple Price Support
After trading above the $1.1700 level, Ripple price faced sellers and started a downside move against the US Dollar. The price declined and traded below the $1.0000 and $0.9000 support levels. The decline was substantial, but the $0.8400 area managed to act as a strong support. XRP found bids near $0.8400 and $0.8500, and later it started an upside move.
There was a break above a bearish trend line with resistance at $0.9200 on the hourly chart of the XRP/USD pair. The pair also moved above the 23.6% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. At the moment, the price is trading just around the $1.0000 level and is currently facing resistance. Once there is a break above the $1.0000 level, there could be more gains. An intermediate resistance could be the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low at $1.0076.
On the downside, there is a crucial bullish trend line forming with support at $0.9350 on the same chart. As long as the trend line support and the $0.8400 level is intact, the price remains in an uptrend.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving higher in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $0.9000
Major Resistance Level – $1.0000
Charts courtesy – SimpleFX