Key Highlights
- Ripple price traded higher and settled above the $0.4700 resistance against the US dollar.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $0.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is still struggling to move above the $0.4950 and $0.5000 resistance levels.
Ripple price is attempting an upside recovery against the US Dollar and Bitcoin. XRP/USD should break the $0.5000 barrier for accelerate gains in the near term.
Ripple Price Resistance
There was a decent upside move from the $0.4400 swing low in Ripple price against the US Dollar. The XRP/USD pair managed to break the $0.4600 and $0.4700 resistance levels to move into a bullish zone. The upside move was such that the price tested the $0.5000 barrier, but it failed to gain momentum. There was also a failure to break the 50% Fib retracement level of the last decline from the $.5510 swing high to $0.4400 low.
Having said that, yesterday’s highlighted key bearish trend line was breached with resistance at $0.4720 on the hourly chart of the XRP/USD pair. It is a positive sign along with a close above the $0.4700 level. However, the price must break the $0.4950 and $0.5000 resistance levels to extend gains. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.4400 swing low to $0.4935 high. On the downside, the $0.4700 and $0.4650 levels are strong supports. As long as the price is above these, there is a chance of an upside break above $0.5000.
Looking at the chart, the price may perhaps trade in a range for a few sessions above $0.4650. The next move could be either above $0.5000 or below $0.4650.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major Support Level – $0.4650
Major Resistance Level – $0.5000
