Key Highlights
- Ripple price is slowly recovering and is currently trading above $0.4500 against the US dollar.
- There is a major bearish trend line in place with resistance at $0.4680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to break the $0.4680 and $0.4700 resistance levels to make a nice upward move.
Ripple price is facing tough barriers against the US Dollar and Bitcoin. XRP/USD may perhaps break the $0.4700 resistance to move into a bullish zone.
Ripple Price Resistance
There were solid gains in bitcoin price above $8,000 recently, but Ripple price faced many challenges against the US Dollar. The XRP/USD pair traded a few points higher above $0.4500, but it struggled to gain momentum. A swing low was formed near $0.4400 before the price moved above the $0.4600 level and the 100 hourly simple moving average. There was also a break above the 23.6% Fib retracement level of the last decline from the $0.5242 high to $0.4290 low.
However, the price is currently facing a major resistance near the $0.4700 level. There is also a major bearish trend line in place with resistance at $0.4680 on the hourly chart of the XRP/USD pair. The 38.2% Fib retracement level of the last decline from the $0.5242 high to $0.4290 low is also near the $0.4660 level. Therefore, there are many resistances around the $0.4700 level for buyers. Should there be a close above $0.4700, the price may accelerate gains towards $0.5000.
Looking at the chart, the price is likely to break the $0.4680 and $0.4700 resistance levels. If not, there is a risk of a downside move towards the $0.4500 support and the 100 hourly SMA. Below this, the next support is near the $0.4400 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed above the 50 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4700
