Key Highlights
- Ripple price gained heavy bids and moved above $0.2500 against the US Dollar before correcting lower.
- There is a bearish trend line forming with resistance at $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and it remains supported above the $0.2100 level.
Ripple price gained heavy bullish momentum against the US Dollar and Bitcoin. XRP/USD remains in an uptrend above the $0.2100 support area.
Ripple Price Rally
There was a sharp upside move in Ripple price above the $0.2150 level against the US Dollar. The upside move was strong as the price was able to break the $0.2400 and $0.2500 resistance levels. It traded close to the $0.2700 level before it faced solid offers. A high was formed near $0.2660 and later the price started a downside correction. The dip was massive and the price trimmed most of its gains to trade back towards $0.2100.
The mentioned $0.2100 support area acted as a support along with the 100 hourly simple moving average. The price is now moving back higher and already broke the 23.6% Fib retracement level of the last decline from the 0.2660 high to $0.2065 low. On the upside, there is a bearish trend line forming with resistance at $0.2350 on the hourly chart of the XRP/USD pair. The same trend line is near the 50% Fib retracement level of the last decline from the 0.2660 high to $0.2065 low.
Therefore, the $0.2350 level is a decent resistance for the next move. On the downside, an initial support is near $0.2180. However, the most important support is close to the $0.2120 level and the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level and showing positive signs.
Major Support Level – $0.2120
Major Resistance Level – $0.2350
Charts courtesy – Trading View, Kraken