- Ripple price after a major decline, found support near $0.55 and recovered against the US dollar.
- There was a break above a key bearish trend line with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may rise further, but it has to break and settle above the $0.70 resistance and the 100 hourly simple moving average.
Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD must break the $0.70 resistance to gain further upside momentum.
Ripple Price Support
There were nasty declines this past week in Ripple price from the $0.8000 pivot level against the US Dollar. The price tumbled and moved below the $0.7000 and $0.6000 support levels. It traded towards the $0.5000 level and formed a low at $0.5341 before starting an upside move. It corrected higher and managed to move above the $0.5800 and $0.6000 resistance levels.
The upside move was positive as the price was even able to surpass the $0.6200 barrier. Moreover, there was a break above a key bearish trend line with resistance at $0.6200 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.6868 and is currently trading near the 100 hourly simple moving average. It is slowly correcting lower and is testing the 23.6% Fib retracement level of the last wave from the $0.5341 low to $0.6868 high. It may correct a few more points, but it could find support near $0.6250.
The mentioned $0.6250 support is near the 38.2% Fib retracement level of the last wave from the $0.5341 low to $0.6868 high. On the upside, the price has to move above the $0.6800 and $0.7000 resistance levels to gain upside momentum.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 60 level.
Major Support Level – $0.6250
Major Resistance Level – $0.7000
Charts courtesy – Trading View
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