Key Highlights
- Ripple price gained traction recently and moved towards the $0.7000 level against the US dollar.
- The XRP/USD pair is currently trading below a short-term bullish trend line with support at $0.6800 on the hourly chart (data source from Kraken).
- The pair may decline in the short term, but it remains supported above the $0.6200 level.
Ripple price moved back in a bullish zone recently against the US Dollar and Bitcoin. XRP/USD could correct lower but downsides are likely to be limited below $0.6000.
Ripple Price Support
There was a fresh upside wave initiated above the $0.6000 level in Ripple price against the US Dollar. The price traded higher and broke a few important resistances such as $0.6500 and $0.6600. It traded close to the $0.7000 level before it faced sellers. A high was formed at $0.6993 before the price started a downside correction. It declined and traded below the 23.6% Fib retracement level of the last wave from the $0.6238 low to $0.6993 high.
Moreover, the XRP/USD pair is currently trading below a short-term bullish trend line with support at $0.6800 on the hourly chart. However, there are many supports on the downside around the $0.6200 level. An initial support is near the 50% Fib retracement level of the last wave from the $0.6238 low to $0.6993 high at $0.6610. However, the most important support is above the $0.6200 level and the 100 hourly simple moving average. It won’t be easy for sellers to break the $0.6200 pivot level.
Looking at the chart, the pair may correct further in the short term towards $0.6200 before it climbs up again. On the upside, the price is facing resistances near the $0.6800 and $0.7000 levels. Above $0.7000, the price will most likely test the $0.7500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Level – $0.6200
Major Resistance Level – $0.7000