Key Highlights
- Ripple price made a nice upside move and traded above the $0.5175 resistance against the US dollar.
- There is a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct a few points lower, but the $0.5180 and $0.5175 are likely to act as supports.
Ripple price is moving higher with a positive bias against the US Dollar and Bitcoin. XRP/USD is now placed nicely above the resistance turned support at $0.5175.
Ripple Price Trend
There were more gains observed above the $0.5000 level in Ripple price against the US Dollar. The price made a nice upside move and succeeded in breaking a major hurdle near the $0.5175 level. It even traded above the $0.5200 level and tested the $0.5500 resistance zone. At the moment, the price is placed nicely above the $0.5000 level and the 100 hourly simple moving average.
The recent high was formed at $0.5537 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high. However, there are many supports on the downside around the $0.5200 level. There is also a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair. The same trend line is close to the 50% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high.
More importantly, the previous resistance at $0.5175 may now act as a support. On the upside, the price has to move above the $0.5500 level to gain further bullish momentum in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved down and is currently below the 50 level.
Major Support Level – $0.5175
Major Resistance Level – $0.5500
Charts courtesy – Trading View