Key Highlights
- Ripple price surged higher recently and broke the $0.4700 and $0.5000 resistances against the US dollar.
- There is a short term connecting bullish trend line formed with support at $0.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently placed nicely in a bullish zone and it could accelerate above $0.5140.
Ripple price rallied recently against the US Dollar and Bitcoin. XRP/USD is currently correcting, but dips remain well supported near $0.5000 and $0.4950.
Ripple Price Analysis
Yesterday, we discussed that dips remain supported near $0.4560 in ripple price against the US Dollar. The XRP/USD pair formed a solid support near $0.4500 and later started a major upward move. It rallied above the $0.4560 resistance and the 100 hourly simple moving average. Moreover, there was a break above yesterday’s discussed declining channel with resistance at $0.4535 on the hourly chart of the XRP/USD pair.
The pair surged above the $0.4700 and $0.5000 resistance levels and moved into a bullish zone. A new weekly high was formed at $0.5140 before the price started consolidating gains. It recently declined below the 23.6% Fib retracement level of the last wave from the $0.4780 low to $0.5140 high. However, there is a decent support formed near the $0.5000 and $0.4950 levels. There is also a short term connecting bullish trend line formed with support at $0.5000 on the same chart. Besides, the 50% Fib retracement level of the last wave from the $0.4780 low to $0.5140 high is at $0.4960 to prevent losses.
Looking at the chart, ripple price is trading nicely in an uptrend above the $0.4950 level. The price is likely to continue higher and buyers could make an attempt to push the price above $0.5200 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the overbought levels.
Major Support Level – $0.5000
Major Resistance Level – $0.5140
