Key Highlights
- Ripple price is finding strong buying interest near the $0.9100 level against the US dollar.
- Buyers are making an attempt to push the price above a bearish trend line at $0.9550 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair could accelerate higher once there is a close above the $0.9800 resistance in the near term.
Ripple price is following a bullish path against the US Dollar and Bitcoin. XRP/USD should move above the $0.9800 resistance to gain upside momentum.
Ripple Price Rise
There was a positive development in Ripple price from the $0.9000 swing low against the US Dollar. The price tested the $0.9100 and $0.9000 support levels on a couple of occasions. However, sellers failed to push the price below $0.9000, which prompted an upside move. It seems like there is a major support base forming above $0.9000, which could increase bullish pressure in the near term.
Earlier, there was a dip below the 50% Fib retracement level of the last wave from the $0.8398 low to $1.0268 high. However, the downside move was limited by $0.9100. Moreover, the 61.8% Fib retracement level of the last wave from the $0.8398 low to $1.0268 high also acted as a support. An upside move in underway, and the XRP/USD pair is making an attempt to push the price above a bearish trend line at $0.9550 on the hourly chart. Should there be a close above $0.9600 and $0.9800, the price could move above $1.0000.
Above $1.0000, it has to break the $1.0265 high to rise further. The overall bias is positive as long as the price is above the $0.9100 and $0.9000 support levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly flat with a few bearish signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has just moved below the 50 level.
Major Support Level – $0.9200
Major Resistance Level – $1.0250
Charts courtesy – SimpleFX