Key Highlights
- Ripple price traded higher recently and broke the $0.4540 resistance against the US dollar.
- There was a break above a major contracting triangle with resistance at $0.4560 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently trading in a bullish zone above the $0.4540 and $0.4550 support levels.
Ripple price gained traction recently against the US Dollar and Bitcoin. XRP/USD may continue to trade higher as long as it is above $0.4540 and the 100 hourly SMA.
Ripple Price Analysis
After a downside correction from the $0.4740 high, ripple price found support near $0.4450 against the US Dollar. The XRP/USD pair traded as low as $0.4478 and later started a consolidating. A support base was formed near $0.4490 and later the price started an upward move. It traded above the $0.4500 level and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $0.4741 high to $0.4487 low.
More importantly, there was a break above a major contracting triangle with resistance at $0.4560 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price traded towards the $0.4600 level. However, the price faced sellers near $0.4600 and the 50% Fib retracement level of the last decline from the $0.4741 high to $0.4487 low. The price is currently correcting lower towards the previous resistance at $0.4540 and the 100 hourly SMA.
Looking at the chart, ripple price is trading in a positive zone above the $0.4540 and $0.4550 support levels. As long as the $0.4540 support is intact, there are chances of an upward move above the $0.4600 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed above the 50 level.
Major Support Level – $0.4540
Major Resistance Level – $0.4600
