- Ripple price remained confined in a tiny range above the $0.4500 support against the US dollar.
- Yesterday’s highlighted important bearish trend line was breached with resistance at $0.4660 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is very well supported above the $0.4500 level and the 100 hourly simple moving average.
Ripple price is slowly on the move against the US Dollar and Bitcoin. XRP/USD must clear the $0.4675 and $0.4700 barriers to gain traction in the near term.
Ripple Price Support
There was a slow and steady rise from the $0.4400 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the key pivot level at $0.4500 to move into a bullish zone. It broke the 38.2% Fib retracement level of the last drop from the $0.4950 high to $0.4293 low. The price settled above the $0.4500 level and the 100 hourly simple moving average.
However, the upside move was capped by the $0.4675 and $0.4700 resistance levels. Moreover, the 61.8% Fib retracement level of the last drop from the $0.4950 high to $0.4293 low also acted as a hurdle for buyers. At the moment, the price is trading in a tight range below the $0.4700 resistance. Should there be a break above the $0.4700 resistance, the price could accelerate towards the $0.4850 and $0.5000 levels. On the downside, there is a key connecting bullish trend line with support at $0.4600. More importantly, the 100 hourly SMA is positioned near the $0.4550 level to act as a strong support.
Looking at the chart, the price cleared yesterday’s highlighted important bearish trend line with resistance at $0.4660. Therefore, there are chances of it gaining traction above $0.4700 for more upsides in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher and is above 50.
Major Support Level – $0.4550
Major Resistance Level – $0.4700
Check out the original article here.
Author: Aayush Jindal