Key Highlights
- Ripple price traded to a new monthly high above $0.2900 against the US Dollar.
- There is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to trade higher towards the $0.2800 and $0.2900 resistance levels.
Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD is holding an important support and eyeing further gains.
Ripple Price Support
Yesterday, there was a sharp upside move in Ripple price above $0.2900 against the US Dollar. The price gained pace above $0.2900 and traded to a new monthly high at $0.2950. Later, it started correcting lower and declined below the $0.2700 level. However, the downside move was protected by the $0.2500 support and the 100 hourly simple moving average.
Moreover, on the downside, there is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low. Once the price gains momentum above $0.2700, there are chances of more upsides towards $0.2900. An intermediate resistance is close to the 50% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low.
It won’t be easy for sellers to break the $0.2500 support area. Below $0.2500, the $0.2350 support is also very important. As long as the price stays above the $0.2500 and $0.2350 support levels, it remains in an uptrend. On the upside, buyers might once again target the $0.2800 and $0.2900 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back kin the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $0.2500
Major Resistance Level – $0.2700
Charts courtesy – Trading View, Kraken
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