Key Highlights
- Ripple price rocketed higher and traded above the $0.40 level against the US Dollar.
- There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now placed nicely above the $0.3000 handle and eyes more upsides in the near term.
Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD broke $0.4000 and is currently positioned nicely in the bullish zone.
Ripple Price Bullish Trend
There was a nasty upside move in Ripple price above the $0.3000 handle against the US Dollar. The price rocketed higher and broke many resistances such as $0.2450, $0.3000 and $0.3800. The upside was strong and the price was able to move above the $0.4000 level. A new high was formed at $0.4100 from where the price started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high.
However, the price remains well supported above $0.3000. There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high. It was rejected from $0.3200 and is currently moving back higher. The current price action is very positive and it seems like the price will most back above the $0.4000 level in the near term.
The next major upside target could be $0.5000. On the downside, buyers may take a stand near the $0.3200 and $0.3000 support levels if the price corrects lower.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level and is showing many positive signs.
Major Support Level – $0.3200
Major Resistance Level – $0.4000
Charts courtesy – Trading View, Kraken
