Key Highlights
- Ripple price stayed above the $0.5250 support and bounced back against the US dollar.
- There is a crucial ascending channel forming with support at $0.5380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently in an uptrend and it is likely to accelerate gains above $0.5500 in the near term.
Ripple price is moving nicely against the US Dollar and Bitcoin. XRP/USD may perhaps continue to move higher above the $0.5500 resistance.
Ripple Price Trend
Recently, there was a downside reaction below the $0.5300 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.5250 support area where buyers appeared. Moreover, the 76.4% Fib retracement level of the last wave from the $0.5105 low to $0.5615 high also acted as a support. XRP price bounced back from the $0.5250 support and the 100 hourly simple moving average.
It climbed back above the $0.5300 resistance with positive signs. During the upside, the price broke the 50% Fib retracement level of the last decline from the $0.5611 high to $0.5234 low. At the moment, the price is trading just below the $0.5500 resistance, which is preventing an upside break. Additionally, the 61.8% Fib retracement level of the last decline from the $0.5611 high to $0.5234 low is also acting as a hurdle for buyers. Should there be a break above $0.5500, the price may perhaps move past $0.5600. More importantly, there is a crucial ascending channel forming with support at $0.5380 on the hourly chart of the XRP/USD pair.
Looking at the chart, the price remains well supported above $0.5350. Below this, the price might move back towards the last swing low of $0.5250 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving slowly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed nicely above the 50 level.
Major Support Level – $0.5350
Major Resistance Level – $0.5500