Key Highlights
- Ripple price is moving higher once again and is currently above the $0.7500 support against the US Dollar.
- This is a short-term ascending channel forming with support at $0.7700 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move higher and it could even break $0.8400 for more gains.
Ripple price is gaining pace against the US Dollar and Bitcoin. XRP/USD might continue to gain pace above the $0.9000 level in the near term.
Ripple Price Trend
It seems like Ripple price has completed a correction wave at $0.7000 against the US Dollar. The price has started a fresh upside wave and moved above the $0.7250 resistance. Buyers also succeeded in pushing the price above the 50% Fib retracement level of the last drop from the $0.9000 high to $0.6105 low. More importantly, the price is above the $0.7500 level and the 100 hourly simple moving average.
It recently traded as high as $0.8398 and is currently correcting lower. It seems like there is a short-term ascending channel forming with support at $0.7700 on the hourly chart of the XRP/USD pair. An initial support on the downside is around the 23.6% Fib retracement level of the last wave from the $0.6005 low to $0.8398 high. However, there are many supports on the downside such as $0.7700. The mentioned $0.7700 support also coincides with the 38.2% Fib retracement level of the last wave from the $0.6005 low to $0.8398 high.
A break above the channel resistance at $0.8400 is required for buyers to gain further momentum. Above $0.8400, the price could trade back towards the $0.9000 high in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading higher towards the 70 level.
Major Support Level – $0.7700
Major Resistance Level – $0.8400
Charts courtesy – Trading View, Kraken