Key Highlights
- Ripple price recovered nicely and moved above the $0.8100 resistance against the US dollar.
- There was a break above a key bearish trend line with resistance at $0.8200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently struggling to break the $0.8450 resistance and the 100 hourly simple moving average.
Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD has to move above the $0.8500 barrier for more upsides in the near term.
Ripple Price Trend
After a major drop below the $0.8200 support, Ripple price found support near $0.7800 against the US Dollar. The price traded as low as $0.7806 before it started an upside correction. It recovered and moved above the $0.8100 resistance level to start a fresh upside wave. It also succeeded in clearing the 23.6% Fib retracement level of the last decline from the $0.9100 swing high to $0.7800 swing low.
More importantly, there was a break above a key bearish trend line with resistance at $0.8200 on the hourly chart of the XRP/USD pair. The pair gained pace and moved above a key pivot level at $0.8280. However, the price is currently facing a strong selling interest below $0.8500 and the 100 hourly simple moving average. The 50% Fib retracement level of the last decline from the $0.9100 swing high to $0.7800 swing low is also around $0.8450. Therefore, it seems like there is a significant barrier forming for buyers around the $0.8400-0.8500 levels.
Looking at the chart, a proper break above the $0.8500 resistance could open the doors for more upsides. The next barrier in the mentioned case could be $0.9100. On the downside, the broken resistance near $0.8200 will most likely act as a support.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Major Support Level – $0.8200
Major Resistance Level – $0.8500