Key Highlights
- Ripple price is forming a solid support base near the $0.4270 level against the US dollar.
- There was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could move above $0.4370 to gain traction towards the $0.4500 level in the near term.
Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD has to move past $0.4370 to test the next hurdle near the $0.4500 level.
Ripple Price Resistances
There were many rejections noted near the $0.4270 level in Ripple price against the US Dollar. The XRP/USD pair formed a solid support base around $0.4270 and moved higher. The price traded above the 23.6% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low. These are positive signs, but the price is facing a key resistance near $0.4370.
During the recent upside, there was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair. However, the price faced a strong selling interest near $0.4365-70 and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low also acted as a resistance. Therefore, there could be a minor downside push towards the $0.4300-20 zone in the near term. On the upside, a break above $0.4370 could open the doors for more gains towards the $0.4500 level.
Looking at the chart, the price remains well supported above the $0.4270 level. Should there be a break below this, the price may perhaps move towards the $0.4100 level. The overall bias is positive as long as the price is above $0.4270.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 50 level.
Major Support Level – $0.4270
Major Resistance Level – $0.4370
