Key Highlights
- Ripple price formed a nice support around $0.7400 and moved a few points higher against the US dollar.
- There is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break $0.8300 and $0.8400 resistance for further upsides in the near term.
Ripple price is slowly gaining pace against the US Dollar and Bitcoin. XRP/USD must break the $0.8400 hurdle to set the pace for more gains.
Ripple Price Resistance
After a major decline, there was a strong buying interest noted near $0.7400 in Ripple price against the US Dollar. The price formed a low near $0.7450 and started an upside move. It traded above the $0.7800 and $0.8000 resistance levels. It even broke the $0.8200 level and the 100 hourly simple moving average. However, the upside move was capped by the $0.8310 level.
A fresh downside move is underway and the price broke the 23.6% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. More importantly, the price is now below the $0.8000 level and the 100 hourly SMA. It may decline further to test the 50% Fib retracement level of the last wave from the $0.7466 low to $0.8312 high. Below $0.7850, the price may even test the $0.7650 level. On the upside, there is a major connecting bearish trend line forming with resistance at $0.8300 on the hourly chart of the XRP/USD pair.
The pair must break the $0.8300 and $0.8400 resistance levels to gain upside momentum. The overall bias is neutral and it seems like the price is consolidating above the $0.7500 level in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down and is just around 50.
Major Support Level – $0.7650
Major Resistance Level – $0.8400
Charts courtesy – Trading View
xrp is and isn’t tied to market cap. Strange but as more banks deploy xCurrent and then utilize the xRapid XRP token, the value will substantially grow. Patience. Buy and Hold for 6 months to 2 years. Possibly longer. It’ll be worth it.
this guy fucks.