Key Highlights
- Ripple price extended its gains and moved above the $0.1900 level against the US Dollar.
- There is a key bullish trend line with support at $0.1850 forming on the hourly chart of XRP/USD (data source from Kraken).
- The price is currently correcting lower, but remains supported on the downside above $0.1800.
Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD might continue to gain pace and could even retest $0.2000.
Ripple Price Support
Buyers stepped up the control as Ripple price managed to move above the $0.18500 resistance against the US Dollar. The price traded with a positive bias and traded above the $0.1900 level. A high was formed near $0.1940 from where the price started a downside correction. During the downside move, the price broke the 38.2% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high.
However, the downside move was protected by the $0.1880 level. The 50% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high also acted as a support and prevented further declines. On the downside, there is a key bullish trend line with support at $0.1850 forming on the hourly chart of XRP/USD. If the pair declines further, the trend line support at $0.1850 might come into action. The trend line support is also near the 61.8% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high.
If the price stays above the $0.1850 level today, there is a chance of it moving back towards $0.1950. It might even break $0.1950 to test the all-important $0.2000 resistance zone.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved away from the overbought levels.
Major Support Level – $0.1850
Major Resistance Level – $0.1950
Charts courtesy – Trading View, Kraken
