Key Highlights
- Ripple price gained traction and settled above the $0.3600 support area against the US dollar.
- There is a key ascending channel in place with support at $0.3600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could dip a few points, but it remains supported near $0.3600 and $0.3680.
Ripple price climbed higher recently against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near $0.3600 and it could bounce back in the short term.
Ripple Price Analysis
Yesterday, we discussed that ripple price moved in a positive zone with a close above $0.3600 against the US Dollar. The XRP/USD pair gained bullish momentum and traded above the $0.3780 and $0.3880 resistance levels. The upward move was positive as there was a proper close above the $0.3600 support and the 100 hourly simple moving average. The price tested the $0.4000 resistance and traded as high as $0.4016.
Later, the price started a downside correction and traded below the $0.3900 level. There was a break below the 23.6% Fib retracement level of the recent recovery from the $0.3357 low to $0.4016 high. However, there are many supports near the $0.3680 and $0.3600 levels. Besides, there is a key ascending channel in place with support at $0.3600 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent recovery from the $0.3357 low to $0.4016 high is also near $0.3680. Finally, the 100 hourly SMA is positioned near the $0.3600 support area.
Looking at the chart, ripple price is clearly placed in a positive zone above the $0.3600 support. As long as there is no close below the 100 hourly SMA, the price may climb back above $0.3900 and $0.4000.
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 just near the 50 level.
Major Support Level – $0.3600
Major Resistance Level – $0.4000
