Key Highlights
- Ripple price is surging higher and it recently broke the $0.4500 resistance against the US dollar.
- There is a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is placed nicely above the $0.4700 support area for more upsides in the near term.
Ripple price gained bullish momentum against the US Dollar and Bitcoin. XRP/USD broke the $0.4500 resistance and it could continue to move higher towards $0.5000.
Ripple Price Upward Move
Yesterday, we discussed about a crucial resistance near $0.4500 in Ripple price against the US Dollar. The XRP/USD pair surged higher recently and managed to break the mentioned $0.4500 barrier. After the break, there was a sharp upward move and the price traded above the $0.4600 and $0.4700 levels. The upside move was strong as the price even broke the $0.4800 resistance.
A high was formed at $0.4833 before the price started consolidating gains. On the downside, an initial support is near the $0.4800 level. There is also a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair. Below the trend line, the 23.6% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high might act as a support near $0.4739. Below this, the price could extend the decline towards the $0.4650 support. An intermediate support is near $0.4680 and the 38.2% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high.
Looking at the chart, the price is placed nicely in an uptrend above $0.4700. Going forward, it could break the $0.4833 high and make an attempt to surge towards the $0.5000 resistance.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed with positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 70 level.
Major Support Level – $0.4700
Major Resistance Level – $0.4850
