Key Highlights
- Ripple price traded higher and broke a major resistance zone near 0.2500 against the US Dollar.
- Yesterday’s highlighted bullish trend line with current support at $0.2440 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might correct a bit but remains poised for more gains above $0.2600 in the near term.
Ripple price is moving higher against the US Dollar and Bitcoin. XRP/USD is now above $0.2500 and eyeing further upsides in the near term.
Ripple Price Support
Finally, there was an upside move in Ripple price and it moved above a major resistance zone near 0.2500 against the US Dollar. The price traded above the $0.2550 resistance as well and formed a new weekly high near $0.2601. At the moment, the price is trading with a solid bullish bias above $0.2500. An initial support on the downside is around the 23.6% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high.
However, the most important support is now at $0.2500. The stated level is near the 38.2% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high. It acted as a resistance earlier around $0.2500-0.2505 and now it will most likely act as a solid support. Moreover, yesterday’s highlighted bullish trend line with current support at $0.2240 is intact on the hourly chart of the XRP/USD pair.
The trend line support is also around the 50% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high. Therefore, the $0.2440 level is also a major support area for buyers in the near term. On the upside, a break above $0.2600 would call for a test of $0.2680.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed well in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the overbought levels.
Major Support Level – $0.2500
Major Resistance Level – $0.2600
Charts courtesy – Trading View, Kraken
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