Key Highlights
- Ripple price is consolidating above the $0.4600 support level against the US dollar.
- There is an ascending triangle pattern formed with resistance at $0.4740 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair needs to clear the triangle resistance at $0.4740-50 for a bullish break towards $0.5000.
Ripple price is preparing for the next break against the US Dollar and Bitcoin. XRP/USD may soon make the next move either above $0.4750 or below $0.4600.
Ripple Price Analysis
There were mostly range moves above the $0.4500 support in Ripple price against the US Dollar. The XRP/USD pair remained well supported above the $0.4500 and $0.4600 support levels. The last swing high was formed at $0.4753 before the price corrected lower. It declined below the 50% Fib retracement level of the last wave from the $0.4404 low to $0.4753 high.
However, the decline was protected by the $0.4540 level and a connecting bullish trend line. Moreover, the 61.8% Fib retracement level of the last wave from the $0.4404 low to $0.4753 high also acted as a support. The price climbed back up above the $0.4600 level. It seems like there an ascending triangle pattern formed with resistance at $0.4740 on the hourly chart of the XRP/USD pair. The pair is likely to break the triangle resistance near at $0.4740-50 for a bullish break. In the mentioned case, the price could rally above the $0.4850 and $0.4920 resistances. The final target above the $0.4920 level for buyers could be near the $0.5000 barrier.
Looking at the chart, ripple price is trading with a bullish bias above $0.4600. However, if buyers continue to fail near the $0.4750 resistance, there may well be a downside reaction. The main support below $0.4600 is near the $0.4420 level and the 100 hourly simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is near the 55 level.
Major Support Level – $0.4600
Major Resistance Level – $0.4750
