Key Highlights
- Ripple price surged higher recently and traded above $0.2600 against the US Dollar.
- There is a crucial bullish trend line forming with support at $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains supported on the downside near the $0.2500 and $0.2450 support levels.
Ripple price extended upsides against the US Dollar and Bitcoin. XRP/USD is in the bullish zone and remains buy on dips near $0.2450.
Ripple Price Support
The upside ride in Ripple price continued over the weekend above the $0.2500 level against the US Dollar. The price traded above the $0.2500 and $0.2700 resistance levels. A high was formed above $0.2800 before a correction wave was initiated. The price has already breached the 23.6% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high. At the moment, the price is attempting a downside break of a short-term bullish trend line at $0.2640.
The next important support is close to the 50% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high at $0.2560. Moreover, there is a crucial bullish trend line forming with support at $0.2450 on the hourly chart of the XRP/USD. An intermediate support is around the 61.8% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high at $0.2510.
Overall, there are many supports above the $0.2450 level. A dip from the current levels can be seen as buying opportunity near $0.2500 and $0.2450. On the upside, the recent high of $0.2800 is a major resistance. Above $0.2800, the next crucial hurdle for buyers is near $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 50 level.
Major Support Level – $0.2500
Major Resistance Level – $0.2800
Charts courtesy – Trading View, Kraken
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