Key Highlights
- Ripple price is slowly moving higher and is currently well above the 0.2040 support against the US Dollar.
- Yesterday’s highlighted contracting triangle with current support at $0.2060 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might soon break the resistance at $0.2120 for more gains in the near term.
Ripple price is slowly gaining bullish pace against the US Dollar and Bitcoin. XRP/USD has to surpass the $0.2120 level for more upsides.
Ripple Price Resistance
There was a slow and steady upside move initiated from the $0.1900 low in Ripple price against the US Dollar. The price was successful in moving above the $0.2000 handle and the 50% Fib retracement level of the last decline from the 0.2215 high to $0.1900 low. The upside move was positive as the price was able to move above the $0.2040 resistance and the 100 hourly simple moving average.
Moreover, yesterday’s highlighted contracting triangle with current support at $0.2060 is still in place on the hourly chart of the XRP/USD pair. As long as the pair is above $0.2060 and $0.2040, there is a chance of it gaining bids for the next leg. On the upside, the pair needs to settle above the 61.8% Fib retracement level of the last decline from the 0.2215 high to $0.1900 low.
Once the pair is above $0.2120, it could easily move towards the last swing high of $0.2220. On the downside, the mentioned $0.2040 level is a major support near the 100 hourly SMA. Should there be a break below $0.2040, there can be a downside reaction toward the $0.2000 handle.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down from the 60 level toward 50.
Major Support Level – $0.2040
Major Resistance Level – $0.2120
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.