Key Highlights
- Ripple price is climbing higher and is currently placed well above the $0.5500 level against the US Dollar.
- There is a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair will most likely accelerate higher above the $0.6000 and $0.6500 in the near term.
Ripple price is flying higher against the US Dollar and Bitcoin. XRP/USD is now placed nicely for more gains above $0.6000 and $0.6500.
Ripple Price to Continue Higher
There were solid gains in Ripple price above the $0.4500 resistance against the US Dollar. Once the price was able to move above the $0.4500 resistance, there were sharp gains above $0.5000. The price was able to move above the $0.6000 level. The recent all-time high was formed at $0.6033 and it seems like the price might continue to move higher. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high.
There is also a monster bullish trend line forming with support at $0.5200 on the hourly chart of the XRP/USD. The trend line support at $0.5200 is a crucial buy zone. It is also near the 38.2% Fib retracement level of the last wave from the $0.4005 low to $0.6033 high. As long as the price is above the $0.5200 and $0.5000 support levels, it might continue to rise in the near term. Below $0.5000, the $0.4800 level is also a major support area, where buyers are likely to take a stand.
On the upside, a break above the $0.6000 handle is on the cards. Above $0.6000, the price will most likely rocket above $0.6500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the overbought levels.
Major Support Level – $0.5200
Major Resistance Level – $0.6000
Charts courtesy – Trading View, Kraken
