Key Highlights
- Ripple price gathered pace above the $0.1750 support against the US Dollar and moved higher.
- Yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD (data source from Kraken) was breached.
- The price is now placed well above the $0.1800 support and showing a lot of positive signs.
Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher and could even challenge $0.2000.
Ripple Price Upside Break
There was a decent recovery wave started from the $0.1700 handle in Ripple price against the US Dollar. The price slowly moved higher and broke many resistances, including $0.17500. The most important break was of the 50% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. The price action looks positive since the price is now well above the $0.1800 level and the 100 hourly simple moving average.
During the upside move, there was a break of yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD. The pair tested the 61.8% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. It is currently consolidating gains above the $0.1800 level. On the downside, there is a new short-term bullish trend line forming with support near $0.1800.
As long as the price is above $0.1800, it might continue to move higher and could even break $0.1900. The next major upside hurdle sits at $0.2000 where sellers might appear. In the short term, buying dips near $0.1800 can be considered with a tight stop.
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 moving down from the overbought levels.
Major Support Level – $0.1800
Major Resistance Level – $0.1900
Charts courtesy – Trading View, Kraken
