Key Highlights
- Ripple price traded in a range and struggled to clear the $0.4000 resistance against the US dollar.
- There was a break above a major bearish trend line with resistance at $0.3650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is eyeing an upside break above the $0.3950 and $0.4000 resistance levels.
Ripple price is currently consolidating gain against the US Dollar and Bitcoin. XRP/USD may soon break the $0.4000 resistance and extend gains above $0.4200.
Ripple Price Analysis
This past week, there was a nice upward move above the $0.3500 resistance in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3820 resistance, but it struggled to clear the $0.3950 and $0.4000 resistances. Later, it corrected lower, but the $0.3450-0.3500 area acted as a strong support. It bounced back and traded back above $0.3650 plus the 100 hourly simple moving average.
Moreover, there was a break above a major bearish trend line with resistance at $0.3650 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3943 recently and it is currently consolidating. An initial support is near $0.3800 and the 23.6% Fib retracement level of the recent wave from the $0.3478 low to $0.3943 high. However, the key support is positioned around the $0.3700 level. Besides, there is a bullish trend line with support at $0.3680 on the same chart. The 50% Fib retracement level of the recent wave from the $0.3478 low to $0.3943 high is also near $0.370. Therefore, dips towards the $0.3700 level are likely to find a strong support.
Looking at the chart, ripple price may soon break the $0.4000 resistance. The next major hurdles are at $0.4120 and $0.4200, followed by $0.4320.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 65 level.
Major Support Level – $0.3700
Major Resistance Level – $0.4000
