Key Highlights
- Ripple price managed to move above a major resistance area at $0.1850 against the US Dollar.
- Yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD (data source from Kraken) was broken.
- The price is now correcting from $0.1969, but remains above the 100 hourly simple moving average.
Ripple price moved higher above key levels against the US Dollar and Bitcoin. XRP/USD is now above $0.1800 and eyes further gains in the near term.
Ripple Price Support
The past 2-3 sessions were decent for Ripple price as it managed to gain momentum above $0.1800 against the US Dollar. The price moved higher and broke a couple of important resistance levels including $0.1850. To initiate the uptrend, the price moved above the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low. It opened the doors for more gains above $0.1850 in the short term.
During the upside, yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD was breached. The most important break was above $0.1860 and the 100 hourly simple moving average. The price gained traction and moved towards $0.2000. However, the 61.8% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low prevented gains. A high was formed at $0.1969 and the price is currently correcting lower.
On the downside, the 100 hourly simple moving average near $0.1840 is likely to act as a major support. Moreover, the 50% Fib retracement level of the last wave from the $0.1731 low to $0.1969 high at $0.1850 is also a key buy zone.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down towards the 50 level.
Major Support Level – $0.18500
Major Resistance Level – $0.2000
Charts courtesy – Trading View, Kraken
