Key Highlights
- Ripple price made a major bottom near the $0.8399 low and recovered against the US dollar.
- There was a break above yesterday’ highlighted crucial bearish trend line with resistance at $1.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently facing a huge task near the $1.60 level and the 100 hourly simple moving average.
Ripple price is recovering nicely against the US Dollar and Bitcoin. XRP/USD is now above $1.40, but facing a major resistance near $1.60 and the 100 hourly SMA.
Ripple Price Resistance
Yesterday, we saw a major decline below $1.00 in Ripple price against the US Dollar. The price traded as low as $0.8399 from where it started an upside move. It moved above the 50% Fib retracement level of the last drop from the $1.9027 high to $0.8399 low. The current price action is positive since the price has moved above the $1.00 and $1.20 resistance levels.
More importantly, there was a break above yesterday’ highlighted crucial bearish trend line with resistance at $1.45 on the hourly chart of the XRP/USD pair. However, the pair is currently facing a major hurdle near the $1.50-1.60 levels. The 100 hourly simple moving average is positioned at $1.60 to act as a major barrier for buyers. Moreover, the 61.8% Fib retracement level of the last drop from the $1.9027 high to $0.8399 low is at $1.49. Therefore, it seems like there is a crucial resistance forming near $1.50-1.60.
A break above stated $1.60 level is needed for buyers to gain control. On the downside, an initial support is at $1.30. However, the most important support is now at $1.20, which is a buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $1.20
Major Resistance Level – $1.60
Charts courtesy – Trading View, Kraken
