Key Highlights
- Ripple price continues to trade in a range above the $0.1960 support against the US Dollar.
- Yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains in a tight range and looking for the next move, probably above $0.2040.
Ripple price is moving inside a range against the US Dollar and Bitcoin. XRP/USD must stay above $0.1960 to gain further traction in the near term.
Ripple Price Range
We saw the start of a consolidation phase in Ripple price below the $0.2050 resistance against the US Dollar. The price remained in the range pattern and was not able to move above the $0.2050 resistance. Moreover, yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair.
On the upside, the channel resistance is currently at $0.2040. The mentioned $0.2040 also coincides with the 38.2% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low. A proper close above $0.2040 is required for buyers to gain momentum. The next major resistance is around the 50% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low at $0.2067. A close above $0.2067 would take the price back towards the last swing high at $0.2165.
On the downside, an initial support is around $0.2010 and the 100 hourly simple moving average. However, the most important support remains at $0.1960 and $0.1950. As long as XRP is above $0.1960, there are chances of an upside break above $0.2040. Overall, $0.1960 can be considered as a decent buy zone in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is flat with signs of a range pattern.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.
Major Support Level – $0.1960
Major Resistance Level – $0.2040
Charts courtesy – Trading View, Kraken
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