Key Highlights
- Ripple price is slowly recovering and is currently trading above $0.1960 against the US Dollar.
- There is an ascending channel forming with support at $0.2000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might dip a few points, but it remains supported near the $0.2000 and $0.1960 levels.
Ripple price is stable against the US Dollar and Bitcoin. XRP/USD needs to stay above the $0.1960 support to gain bullish traction in the near term.
Ripple Price Support
There was a nice upside reaction from the $0.1850 support in Ripple price yesterday against the US Dollar. The price traded above the $0.2000 resistance and even surpassed strong offers near $0.2100. A high was formed at $0.2168 from where the price started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the $0.1850 low to $0.2168 high.
However, the downside was supported by the $0.2000 handle. The 50% Fib retracement level of the last wave from the $0.1850 low to $0.2168 high along with the 100 hourly simple moving average prevented further declines. At present, it seems like there is an ascending channel forming with support at $0.2000 on the hourly chart of the XRP/USD pair. The channel support is important near $0.2000 and the 100 hourly SMA.
The pair needs to stay above the channel support and the $0.1960 support to remain in the bullish zone. Should there be a break below $0.1960, the price could fall back towards the last swing low of $0.1850. On the upside, an immediate resistance is near $0.2100 followed by $0.2168. A break above $0.2168 might push the price towards $0.2300.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move from the bearish to bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major Support Level – $0.1960
Major Resistance Level – $0.2100
Charts courtesy – Trading View, Kraken
