Key Highlights
- Ripple price is trading in a range above the $0.2550 support area against the US Dollar.
- Yesterday’s highlighted contracting triangle pattern with current resistance at $0.2640 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might soon either move above $0.2650 or break the 0.2600 support for more declines.
Ripple price is preparing for a break against the US Dollar and Bitcoin. XRP/USD might soon break $0.2650 to challenge the $0.2800 high.
Ripple Price Support
There are many positive signs for Ripple price above the $0.2500 support against the US Dollar. The price is currently trading in an important range above $0.2550 and preparing for the next move. I highlighted a contracting triangle pattern yesterday with current resistance at $0.2640 on the hourly chart of the XRP/USD pair. The triangle pattern is still in place with support near $0.2600.
As long as the price is above the $0.2600 level and the 100 hourly simple moving average, there are chances of an upside break. The price needs to gain momentum above the 61.8% Fib retracement level of the last decline from the $0.2800 high to $0.2370 low. Once there is a proper close above $0.2650, the price would gain momentum for a run towards the last swing high at $0.2800.
On the downside, the 100 hourly SMA and the $0.2600 support are important barriers for sellers. A close below $0.2600 could ignite a sharp decline back towards the $0.2350 area. The overall bias is positive above $0.2500. However, buyers need to step up the momentum for more gains towards $0.2800. Above $0.2800, the next major hurdle is at $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 50 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2650
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.