Key Highlights
- Ripple price gained a lot of bids recently and moved above the $0.2150 level against the US Dollar.
- There was a clear break above a major bearish trend line with resistance at $0.2040 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price traded above the $0.2200 level and it might continue to move higher.
Ripple price is gaining a lot of momentum against the US Dollar and Bitcoin. XRP/USD might soon break $0.2250 for further gains.
Ripple Price Trend
It was a good start to a new uptrend in Ripple price above the $0.2050 level against the US Dollar. The price was able to gather strong bullish momentum and was able to move above $0.2100 resistance. There was a clear break above a major bearish trend line with resistance at $0.2040 on the hourly chart of the XRP/USD pair. The pair was also able to move above the last swing high of $0.2170 and even traded above $0.2200.
A high was formed recently at $0.2234 and the price is now consolidating in a range. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the $0.1975 low to $0.2234 high. However, the most important support is currently at $0.2100. The mentioned level is also close to the 50% Fib retracement level of the last wave from the $0.1975 low to $0.2234 high.
On the upside, the pair might soon break $0.2234 to test $0.2250. There are even chances of a break above $0.2250 for a push towards $0.2300. The overall trend is positive for XRP with chances of continuing gains above $0.2150.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well into the overbought levels.
Major Support Level – $0.2150
Major Resistance Level – $0.2250
Charts courtesy – Trading View, Kraken