Key Highlights
- Ripple price jumped from the $0.5500 support zone and moved above $0.6000 against the US dollar.
- This week’s highlighted important bearish trend line with resistance at $0.6000 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now placed nicely above the $0.6000 level and it could accelerate gains in the near term.
Ripple price started a nice upside move against the US Dollar and Bitcoin. XRP/USD is now back above $0.6000 and is currently trading with a bullish bias.
Ripple Price Trend
It seems like there was a strong buying interest around $0.5500 in Ripple price against the US Dollar. The price started a solid upside move from the $0.5460 low and moved above the $0.5800 resistance level. There was also a break above the 50% Fib retracement level of the last drop from the $0.6105 high to $0.5460 low. It opened the doors for more gains and the price broke a key resistance at $0.6000.
More importantly, this week’s highlighted important bearish trend line with resistance at $0.6000 was breached on the hourly chart of the XRP/USD pair. The pair settled above $0.6000 and the 100 hourly simple moving average. It traded as high as $0.6265 and is currently trading nicely above $0.6100. If the current bias remains intact, there could be an upside move was above the $0.6250 level in the near term. The next key resistance for buyers is near the $0.6500 level.
Looking at the chart, if the price corrects lower, the 23.6% Fib retracement level of the last wave from the $0.5460 low to $0.6265 high may act as a support. However, the most important support is now at $0.6000 and the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level.
Major Support Level – $0.6000
Major Resistance Level – $0.6250