Key Highlights
- Ripple price extended gains towards $0.5620 before started a downside correction against the US dollar.
- There are two bullish trend lines in place with support at $0.5320 and $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting lower, but dips remain supported near the $0.5200 zone.
Ripple price is placed nicely in an uptrend against the US Dollar and Bitcoin. XRP/USD may find buyers once again near $0.5200 for a fresh upward move.
Ripple Price Analysis
After a minor downside correction, ripple price traded further higher above the $0.5300 level against the US Dollar. The XRP/USD pair gained pace and broke the $0.5550 resistance level. The upside move was strong as the price traded as high as $0.5626 and it is currently well above 100 hourly simple moving average. Later, the price corrected lower and moved below $0.5600 and $0.5550.
The price also declined below the 23.6% Fib retracement level of the recent upside from the $0.4777 low to $0.5626 high. However, there are many support levels on the downside above $0.5200. More importantly, there are two bullish trend lines in place with support at $0.5320 and $0.5200 on the hourly chart of the XRP/USD pair. The second trend line is near the 50% Fib retracement level of the recent upside from the $0.4777 low to $0.5626 high. Therefore, if the price corrects further, it is likely to find buyers near the $0.5200 zone.
Looking at the chart, ripple price is clearly placed in a bullish zone above $0.5200. On the upside, an initial resistance is near $0.5450 and a bearish trend line on the same chart. Above the trend line, the price may perhaps rally above the $0.5626 high.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $0.5200
Major Resistance Level – $0.5450
