Key Highlights
- Ripple price is holding gains above the $0.4700 support level against the US dollar.
- There is a key bullish trend line formed with support at $0.4800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate gains once there is a break above the $0.5000 and $0.5180 levels.
Ripple price is trading in a bullish zone against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near the $0.4800 level.
Ripple Price Analysis
Recently, there was a decent support base formed near the $0.4500 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.4800 and $0.5000 resistance levels. There was even a close above the $0.4800 level and the 100 hourly simple moving average. Buyers pushed the price above the $0.5100 level, which is a positive sign. A high was formed at $0.5183 and later the price started a downside correction.
It declined below $0.5000 and the 23.6% Fib retracement level of the last wave from the $0.5480 low to $0.5183 high. However, there are many supports on the downside near the $0.4820 and $0.4800 levels. More importantly, there is a key bullish trend line formed with support at $0.4800 on the hourly chart of the XRP/USD pair. The trend line support is close to the 100 hourly SMA at $0.4760. Besides, the 61.8% Fib retracement level of the last wave from the $0.5480 low to $0.5183 high is near $0.4810. Therefore, as long as the price is above the $0.4800 support and the 100 hourly SMA, there could be more gains in the near term.
Looking at the chart, ripple price must break the $0.5000 and $0.5120 level to start a fresh bullish wave. The next major resistance is at $0.5250 and $0.5275.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level.
Major Support Level – $0.4800
Major Resistance Level – $0.5120
