Key Highlights
- Ripple price is currently holding gains above the $0.7200 support level against the US dollar.
- There is a crucial ascending channel in place with support at $0.7300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may rise in the near term if buyers succeed in breaking the $0.7500 and $0.7580 resistance levels.
Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD is likely to climb higher towards $0.8000 if it breaks the $0.7580 resistance.
Ripple Price Supports
There was a no major bearish move below $0.7000 during the past few hours in Ripple price against the US Dollar. The price stayed above the $0.7000 and $0.7100 support levels and is currently trading with a bullish angle. Earlier, there was a downside correction from the $0.7485 high. During the correction, the price broke the 23.6% Fib retracement level of the last wave from the $0.6979 low to $0.7485 high.
However, declines were contained by the $0.7200 support. Buyers successfully protected more losses below the 50% Fib retracement level of the last wave from the $0.6979 low to $0.7485 high. At the moment, there is a crucial ascending channel in place with support at $0.7300 on the hourly chart of the XRP/USD pair. The pair remains well supported on the downside above the $0.7250-0.7200 zone. On the upside, a break above the $0.7500 and $0.7580 resistances are required for an upside acceleration.
Looking at the chart, the current price structure is calling for an upside break above $0.7580. On the flip side, if there is no upside break, the price could break the $0.7200 support to extend the correction. The next major support below $0.7200 is at $0.7000 and $0.6950.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $0.7200
Major Resistance Level – $0.7580