Key Highlights
- Ripple price is gaining momentum and is currently above the $1.00 handle against the US Dollar.
- There is a major bullish trend line forming with support at $1.05 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might correct a few points from the current levels, but it remains supported above $1.05.
Ripple price is moving in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher towards the $1.25 level.
Ripple Price Support
There was a fresh upside wave initiated from the $0.8000 swing low in Ripple price against the US Dollar. The price traded higher and broke a few important resistances near $0.9000 and $1.00. The upside move was strong and the price was able to move above the $1.10 level as well. During the upside move, the price broke a bearish trend line on the hourly chart at $1.02. It opened the doors for more gains and the price traded as high as $1.17.
Later, it faced sellers and started a downside correction towards $1.1000. It is currently trading near the 23.6% Fib retracement level of the last wave from the $0.8600 low to $1.1718 high. There are many supports on the downside at $1.05. There is also a major bullish trend line forming with support at $1.05 on the hourly chart of the XRP/USD pair. The trend line support is important at $1.05. It is also near the 38.2% Fib retracement level of the last wave from the $0.8600 low to $1.1718 high.
There is a chance of a minor downside correction towards $1.05. However, the price remains supported on the downside and it may soon move higher towards $1.25.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from the overbought levels.
Major Support Level – $1.0500
Major Resistance Level – $1.2000
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.