Key Highlights
- Ripple price rallied sharply and broke the $0.4000 and $0.4600 resistances against the US dollar.
- There was a break above a key contracting triangle with resistance at $0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently consolidating gains above the $0.4400 and $0.4200 support levels with positive signs.
Ripple price rocketed past many hurdles against the US Dollar and Bitcoin. XRP/USD is in a clear uptrend above the $0.4000 pivot level.
Ripple Price Analysis
The past few sessions were very bullish for Ripple price from the $0.2650 swing low against the US Dollar. The XRP/USD pair started a sharp upward move and broke many resistances near $0.3000. There was a break above the $0.2860 resistance zone and the 100 hourly simple moving average. It cleared the path for buyers to take control above the $0.3000 level.
Moreover, there was a break above a key contracting triangle with resistance at $0.3350 on the hourly chart of the XRP/USD pair. It opened the doors for a solid rise and the price rallied more than 30% above $0.4000. The price traded as high as $0.4913 and it is currently consolidating gains. It corrected below the 23.6% fib retracement level of the last wave from the $0.3118 low to $0.4913 high. If there is a major downside correction, the $0.4100 and $0.4000 levels are likely to act as a support. Additionally, the 50% fib retracement level of the last wave from the $0.3118 low to $0.4913 high is near the $0.4012. Therefore, dips remains supported near $0.4100.
Looking at the chart, ripple price is following a solid uptrend and it may perhaps rise above $0.4913 high in the near term. A push above the $0.5000 level could open the doors for more gains above $0.5200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.
Major Support Level – $0.4100
Major Resistance Level – $0.5000
