Key Highlights
- Ripple price is gaining strength and it recently broke the $0.4600 resistance against the US dollar.
- There was a break above a major triangle resistance at $0.4640 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains well supported for more gains above the $0.4800 and $0.4850 levels.
Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD could accelerate gains towards $0.5000 or $0.5250 in the near term.
Ripple Price Analysis
During the past two sessions, Ripple price climbed higher from the $0.4420 support area against the US Dollar. The XRP/USD pair traded above the $0.4500 and $0.4550 resistance levels to move into a positive zone. It is currently trading well above the $0.4500 support and the 100 hourly simple moving average. The recent upside move was such that the price broke the last swing high at $0.4710 to trade to a new weekly high at $0.4740.
More importantly, there was a break above a major triangle resistance at $0.4640 on the hourly chart of the XRP/USD pair. The pair is clearly gaining momentum above $0.4650 and it could continue to move higher. If there is a downside correction, the 23.6% Fib retracement level of the recent leg from the $0.4242 low to $0.4744 high may act as a support. However, the main support on the downside is near the $0.4500 level. It represents the 50% Fib retracement level of the recent leg from the $0.4242 low to $0.4744 high.
Looking at the chart, ripple price looks set for a push above the $0.4750 and $0.4800 levels. Above these, buyers are likely to target the $0.5000 resistances. If there is a short term pullback, the price may find support near the $0.4500 and $0.4420 levels.
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 well above the 60 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4750
