Key Highlights
- Ripple price traded towards the $0.1850 support against the US Dollar and started a recovery.
- Yesterday’s highlighted short-term bearish trend line with resistance at $0.1950 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and remains supported on dips near $0.1950.
Ripple price has started an upside move against the US Dollar and Bitcoin. XRP/USD is recovering and showing bullish signs above $0.1950.
Ripple Price Bounces Back
We saw a major decline during the past few days in Ripple price towards $0.2000 against the US Dollar. The price even broke the $0.2000 support, which ignited further declines. However, the decline was protected by the $0.1850 support, which held the downside. There were strong bids around $0.1850, which ignited an upside move above $0.1900.
Buyers were able to move the price above the 23.6% Fib retracement level of the last decline from the $0.2250 high to $0.1852 low. The best part was a break above yesterday’s highlighted short-term bearish trend line with resistance at $0.1950 on the hourly chart of the XRP/USD pair. At the moment, the price is above the $0.2000 handle and the 100 hourly simple moving average. These are positive signs and might take the price towards the $0.2200 level.
An immediate resistance is near the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1852 low at $0.2070. A close above $0.2070 would signal a nice upside move towards $0.2200. On the downside, the broken resistance at $0.1950 would act as a support in the short term. The most important support and buy zone is at $0.1850.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is reaching the overbought levels.
Major Support Level – $0.1950
Major Resistance Level – $0.2200
Charts courtesy – Trading View, Kraken
