Key Highlights
- Ripple price gained a lot of traction recently and is comfortably placed above $0.8600 against the US dollar.
- There was a break above a key bearish trend line with resistance at $0.8750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains in an uptrend and is eyeing a break above $0.9500 for a fresh monthly high.
Ripple price is surging higher against the US Dollar and Bitcoin. XRP/USD may soon break the $0.9500 level for further gains towards the $1.00 level.
Ripple Price Trend
After a minor downside correction, Ripple price found support around the $0.8000 level against the US Dollar. The price started an upside move and traded above the $0.8500 resistance. It cleared the $0.8600 barrier and settled above the 100 hourly simple moving average. There was also a break above a key bearish trend line with resistance at $0.8750 on the hourly chart of the XRP/USD pair.
More importantly, the price broke the 61.8% Fib retracement level of the last decline from the $0.9410 high to $0.8080 low. These are positive signs with an hourly close above the $0.9000 level. The recent high was $0.9261 and it seems like the price may correct a few points in the near term. An initial support is close to the 23.6% Fib retracement level of the last wave from the $0.8000 low to $0.9261 high. However, the most important support is near $0.8700 and the 100 hourly SMA. Therefore, if the price corrects lower, the $0.8700 level could act as a strong buy zone.
Looking at the chart, the price looks set to extend gains above $0.9300. It could break the $0.9500 level and extend upsides in the near term to a new monthly high.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 75 level.
Major Support Level – $0.8700
Major Resistance Level – $0.9500