Key Highlights
- Ripple price remains in an uptrend and is currently placed well above the $0.2020 level against the US Dollar.
- Yesterday’s highlighted major bullish trend line with current support at $0.2010 on the hourly chart of XRP/USD (data source from Kraken) is still intact.
- The price might continue to move higher and it could break the 0.2100 resistance soon.
Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD needs to gain momentum to register heavy gains above $0.2100.
Ripple Price Uptrend
We saw a couple of bullish swings in Ripple price recently above $0.2000 against the US Dollar. The price is currently placed well in the bullish zone above the $0.2000 handle. The most important aspect is the fact that the price is currently well above the 100 hourly simple moving average and $0.2000. It has recovered well from the $0.1880 low and already above the 50% Fib retracement level of the last drop from the $0.2148 high to $0.1880 low.
Moreover, yesterday’s highlighted major bullish trend line with current support at $0.0.2010 on the hourly chart of XRP/USD is a strong support. As long as the pair is above $0.2000 and the 100 hourly simple moving average, it remains in the bullish zone. On the upside, a break above the $0.2100 is needed for buyers to gain momentum. There is now a connecting resistance trend line forming with current barrier at $0.2110.
Once there is a close above $0.2100 followed by $0.2110, the next stop could be $0.2150. Overall, buying dips remain a good option above $0.2000 for further gains. A close below $0.2000 could push the price back towards $0.1850.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is lacking pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.2000
Major Resistance Level – $0.2110
Charts courtesy – Trading View, Kraken
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