Ripple (XRP) Price Hits First Target: Another Run Very Likely

  • Ripple price climbed higher sharply and broke the key $0.4500 resistance area against the US dollar.
  • The price traded to a new monthly high at $0.4631 and recently started a downside correction.
  • Yesterday’s highlighted major bullish trend line is intact with support near $0.4360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains well bid on the downside and it is likely to climb higher above $0.4600 and $0.4620.

Ripple price gained a strong momentum against the US Dollar and bitcoin. XRP is currently correcting gains, but it is likely to start a fresh increase above $0.4600 in the near term.

Ripple Price Analysis

Yesterday, we discussed the chances of ripple price surpassing the $0.4500 resistance against the US Dollar. The XRP/USD pair did gain momentum in the past three sessions and rallied above the $0.4450 and $0.4500 resistance levels. There was even a break above the $0.4600 level and the price traded to a new monthly high at $0.4631. Recently, it started a downside correction below $0.4600, but it remained well above the 100 hourly simple moving average.

There was a break below the $0.4550 level and the 23.6% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high. The price even traded below the $0.4500 support, but the $0.4450 level acted as a strong support. It seems like the previous hurdles near $0.4440 and $0.4450 are acting as supports. Moreover, the 50% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high is acting as a support.

More importantly, yesterday’s highlighted major bullish trend line is intact with support near $0.4360 on the hourly chart of the XRP/USD pair. There could be further downsides, but the $0.4400 and $0.4360 levels are likely to hold losses.

On the upside, an initial resistance is near the $0.4550 level. If the price starts a fresh increase above $0.4550, it is likely to climb back above $0.4600 and $0.4620. The next important resistance levels are $0.4650 and $0.4700. If the bulls remain in action, the price might target the $0.5000 level in the coming sessions.

Looking at the chart, ripple price is clearly trading with a strong bullish bias above $0.4200 and $0.4350. Therefore, there are chances of more gains above $0.4550 and $0.4600. Only a close below $0.4200 could negate the current bullish view.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is still placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from 70 towards 60 and 55.

Major Support Levels – $0.4400, $0.4360 and $0.4300.

Major Resistance Levels – $0.4550, $0.4600 and $0.4650.

Source