Key Highlights
- Ripple price surged higher and broke the key $0.4200 and $0.4300 resistance levels against the US dollar.
- There is a short-term channel formed with support at $0.4290 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to break the $0.4500 resistance to climb once again towards the $0.4700 level.
Ripple price is placed in a bullish zone against the US Dollar and Bitcoin. XRP/USD may continue to accelerate gains above $0.4400 and $0.4500 in the near term.
Ripple Price Analysis
Yesterday, we saw a solid rally above the $0.4000 and $0.4200 resistance levels in Ripple price against the US Dollar. The XRP/USD pair even traded above the $0.4500 resistance and tested the $0.4700 zone. A high was formed at $0.4710 and later the price corrected sharply lower. It declined below the $0.4500 support and the $0.4400 pivot zone. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $0.3884 low to $0.4710 high.
However, the downside move was protected by the $0.4200-0.4250 zone. The price also stayed above the 61.8% Fib retracement level of the last wave from the $0.3884 low to $0.4710 high. More importantly, the price is still trading nicely above the $0.4200 support and the 100 hourly simple moving average. At the outset, there is a short-term channel formed with support at $0.4290 on the hourly chart of the XRP/USD pair. The pair may continue to move higher if there is a break above the $0.4500 and $0.4520 resistance levels.
Looking at the chart, ripple price seems to be holding the $0.4200 and $0.4250 supports very well. Below these, the price will most likely move back in a bearish zone towards the $0.4000 and $0.3800 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Level – $0.4250
Major Resistance Level – $0.4520
