Key Highlights
- Ripple price formed a decent support near $0.3380 and recovered recently against the US dollar.
- This week’s important bearish trend line was breached with resistance at $0.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now trading with a positive bias and it could trade towards the $0.3880 resistance level.
Ripple price is slowly gaining bullish pace against the US Dollar and Bitcoin. XRP/USD is likely to trade higher towards the $0.3880 and $0.3950 resistances.
Ripple Price Analysis
Yesterday, there was a slight downside reaction below the $0.3500 and $0.3400 levels in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3350 level and traded as low as $0.3302. Later, the price started a fresh upward move and traded above the $0.3400 and $0.3500 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the recent drop from the $0.3847 high to $0.3302 low.
Besides, this week’s important bearish trend line was breached with resistance at $0.3550 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price moved above the $0.3600 resistance. At the moment, the price is trading near the $0.3650 level and the 100 hourly simple moving average. The price is also testing the 61.8% Fib retracement level of the recent drop from the $0.3847 high to $0.3302 low. If there is a proper break above the $0.3700 resistance, the price could trade towards the $0.3880 resistance level.
Looking at the chart, ripple price is slowly moving in a positive zone with a close above $0.3600. If there is a downside reaction, the previous resistance at $0.3500 and $0.3400 are likely to act as supports.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 55 level.
Major Support Level – $0.3500
Major Resistance Level – $0.3880