Key Highlights
- Ripple price gained traction and traded above the $0.6000 resistance against the US dollar.
- There is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower, but dips towards $0.5500 and $0.5400 remains supported.
Ripple price is trading with a bullish angle against the US Dollar and Bitcoin. XRP/USD is likely to resume upsides above $0.6000 after a short-term downside correction.
Ripple Price Analysis
There were decent gains above the $0.5500 support level in Ripple price against the US Dollar. The XRP/USD pair gained traction and moved above the $0.5800 and $0.6000 resistance levels. A fresh weekly high was formed at $0.6194 and the price settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below the $0.5800 support.
There was also a break below the 50% fib retracement level of the last wave from the $0.5161 low to $0.619 high. The price traded towards the $0.5500 support where buyers emerged. The 61.8% fib retracement level of the last wave from the $0.5161 low to $0.619 high was tested. Moreover, there is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair. The pair is currently trading well above the $0.5550 support with a bullish angle. If there is a break above the $0.5850 and $0.5900 levels, there could be more gains. The next target for buyers could be $0.6000 and $0.6150.
Looking at the chart, ripple price could correct a few points in the short term towards $0.5550. However, buyers are likely to defend any major losses under $0.5450, below which the price may test $0.5200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved slightly below the 50 level.
Major Support Level – $0.5500
Major Resistance Level – $0.5900