Key Highlights
- Ripple price managed to move above the $1.2500 resistance area against the US dollar.
- There was a break above a major bearish trend line with resistance at $1.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently placed nicely above the $1.2500 support area and it may rise further.
Ripple price traded higher recently against the US Dollar and Bitcoin. XRP/USD is currently supported above $1.2500 and is preparing for the next move.
Ripple Price Support
There was a minor upside reaction in Ripple price from the $1.1000 swing low against the US Dollar. The price gained momentum and it was able to move above the $1.2500 and $1.3500 resistance levels. It traded close to the $1.4000 level and formed a high at $1.3962. During the upside move, there was a break above a major bearish trend line with resistance at $1.2250 on the hourly chart of the XRP/USD pair.
Later, a downside correction was initiated from $1.3962. The pair moved below the 23.6% Fib retracement level of the last wave from the $1.1125 low to $1.3962 high. On the downside, there is a major support near $1.2500. There is also a bullish trend line positioned with support at $1.2500. Moreover, the 50% Fib retracement level of the last wave from the $1.1125 low to $1.3962 high is also near $1.2500. It seems like the pair may correct a few more points towards $1.2500 and the 100 hourly simple moving average.
As long as the price is above $1.2500, it remains supported. On the upside, the price to trade above $1.4000 to move back in the bullish zone toward $1.8000 and $2.0000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is reducing the last bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 50 level.
Major Support Level – $1.2500
Major Resistance Level – $1.4000
Charts courtesy – Trading View, Kraken
