Key Highlights
- Ripple price traded as high as $1.1024 before starting a downside correction against the US dollar.
- Yesterday’s highlighted ascending channel with current support at $1.0080 is intact on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair may extend the current decline, but it is likely to find support near $1.0000 and $1.0080.
Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside above the $1.00 handle.
Ripple Price Support
Recently, we saw a nice upside move in Ripple price above the $1.00 level against the US Dollar. The price traded above the $1.10 level and formed a high at $1.1024. Later, a downside wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $0.9136 low to $1.1024 high. However, there are many supports on the downside such as $1.0000 and $1.0080.
More importantly, yesterday’s highlighted ascending channel with current support at $1.0080 is intact on the hourly chart of the XRP/USD pair. The pair extend the current correction pattern, but the channel support and $1.00 are major buy zones. Furthermore, the channel support is near the 50% Fib retracement level of the last wave from the $0.9136 low to $1.1024 high. The last but not the least, the 100 hourly simple moving average is also positioned around the channel support and $1.00 to prevent declines.
Therefore, the $1.00 handle is a major buy zone. A break below $1.00 could push the price back in the bearish zone. On the upside, an initial resistance is at $1.10. Above $1.10, the price has to surpass $1.15 for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level.
Major Support Level – $1.0000
Major Resistance Level – $1.1100
Charts courtesy – SimpleFX