Key Highlights
- Ripple price traded further higher and broke the $.0.4600 resistance area against the US dollar.
- There was a break above a declining channel with resistance at $0.4535 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair traded as high as $0.4755 and it is currently correcting lower.
Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD remains well supported on dips near the $0.4540 level.
Ripple Price Analysis
Recently, there was a decent support base formed near the $0.4470 level in ripple price against the US Dollar. The XRP/USD pair started an upside move and broke the $0.4500 resistance. The price moved into a bullish zone and settled above the $0.4540 resistance. There was even a close above the $0.4550 level and the 100 hourly simple moving average.
More importantly, there was a break above a declining channel with resistance at $0.4535 on the hourly chart of the XRP/USD pair. Buyers gained momentum, resulting in a solid run above the $0.4600 resistance. The price even spiked above the $0.4750 level and traded as high as $0.4755. Later, there was a downside correction and the price traded below the $0.4650 level. There was a break below the 50% Fib retracement level of the recent wave from the $0.4469 low to $0.4755 high. However, there are many decent supports on the downside near the $0.4540 level and the 100 hourly simple moving average.
Looking at the chart, ripple price could test the $0.4540-50 support zone. Moreover, the 61.8% Fib retracement level of the recent wave from the $0.4469 low to $0.4755 high is an immediate support at $0.4578. Therefore, if the price dips from the current levels, it may find support near $0.4560 or $0.4550.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.4550
Major Resistance Level – $0.4700
