Key Highlights
- Ripple price extended gains and was able to move above the $3.00 level against the US Dollar.
- There are two important bullish trend lines forming with supports at $2.75 and $2.30 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to trade higher and it could even settle above the $3.00 handle.
Ripple price gained further momentum against the US Dollar and Bitcoin. XRP/USD broke $3.00 and it may continue to move higher.
Ripple Price Upside Thrust
There were further gains in Ripple price as it broke above the $2.40 resistance against the US Dollar. The upside move was strong as the price was even able to move above the $3.00 resistance. A high was formed at $3.0505 and it seems like the price may continue to move higher. Before the upside thrust, the price tested the 23.6% Fib retracement level of the last upside leg from the $1.95 low to $2.80 high.
It found support and bounced sharply to move above $3.00. At the moment, there are a few signs of a minor correction towards the 23.6% Fib retracement level of the last wave from the $2.25 low to $3.05 high. There are many supports on the downside such as $2.80 and $2.50. Moreover, there are two important bullish trend lines forming with supports at $2.75 and $2.30 on the hourly chart of the XRP/USD pair. The first trend line is close to the 38.2% Fib retracement level of the last wave from the $2.25 low to $3.05 high.
Therefore, if the pair corrects lower, it will most likely find buyers near $2.50-2.80. On the upside, a break above $3.05 could set the pace for a move above $3.25.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 60 level.
Major Support Level – $2.8000
Major Resistance Level – $3.0500
Charts courtesy – Trading View, Kraken