Key Highlights
- Ripple price after testing the $0.2350 support against the US Dollar found bids and moved higher.
- There was a break above a bearish trend line with resistance at $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is now above the 100 hourly simple moving average and $0.2550, which is a positive sign.
Ripple price is gaining momentum against the US Dollar and Bitcoin. XRP/USD is now above $0.2550 and looks set for more gains.
Ripple Price Support
This past week, Ripple price traded towards $0.2800 against the US Dollar. The price found sellers near $0.2800 and started a downside correction. It traded below the $0.2500 level and tested a major support at $0.2350. Buyers managed to prevent more declines below $0.2350, and as a result, there was an upside move. During the upside move, there was a break above the $0.2500 resistance and the 50% Fib retracement level of the last decline from the $0.2800 high to $0.2350 low.
Moreover, there was a break above a bearish trend line with resistance at $0.2550 on the hourly chart of the XRP/USD pair. The pair also traded above the $0.2600 level and the 100 hourly simple moving average. These are positive signs and calling for more gains above $0.2550. A recent high was $0.2692 and the price is currently correcting lower. It is testing the 38.2% Fib retracement level of the last wave from the $0.2500 low to $0.2692 high.
An important support sits at $0.2550 and the 50% Fib retracement level of the last wave from the $0.2500 low to $0.2692 high. As long as the price is above $0.2500, it might bounce back and move above $0.2700.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is approaching the 50 level.
Major Support Level – $0.2550
Major Resistance Level – $0.2700
Charts courtesy – Trading View, Kraken
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