Key Highlights
- Ripple price remained above a key support area at $0.2500-0.2400 against the US Dollar.
- There is a contracting triangle pattern forming with resistance at $0.2650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is currently above the $0.2400 support and the 100 hourly simple moving average, which is a positive sign.
Ripple price is holding important support levels against the US Dollar and Bitcoin. XRP/USD is now looking for an upside break above $0.2650.
Ripple Price Support
There was a slow and steady rise in Ripple price from the $0.2350 low against the US Dollar. The price succeeded in holding the $0.2400 support area and positioned itself above the 100 hourly simple moving average. There was an attempt to break the $0.2700 resistance, but buyers failed to hold traction. As a result, there was a downside correction and the price moved back towards $0.2500. There was a break below the 38.2% Fib retracement level of the last wave from the $0.2367 low to $0.2733 high.
However, the downside move was protected by $0.2500 and the 100 hourly simple moving average. The 50% Fib retracement level of the last wave from the $0.2367 low to $0.2733 high also acted as a support. At the moment, there is a contracting triangle pattern forming with resistance at $0.2650 on the hourly chart of the XRP/USD pair. On the downside, the triangle support is at $0.2550 and the 100 hourly SMA.
It seems like the price is preparing for an upside ride above $0.2650. Above $0.2650, buyers need to clear $0.2700 for a push towards the $0.2800 swing high.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Major Support Level – $0.2550
Major Resistance Level – $0.2650
Charts courtesy – Trading View, Kraken
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