- Ripple price is slowly moving higher, but it is still below the $1.45 resistance against the US dollar.
- There is a contracting triangle forming with resistance at $1.4000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is approaching the next break either above $1.40 or below $1.28 in the short term.
Ripple price is slowly grinding higher against the US Dollar and Bitcoin. XRP/USD must break the $1.40 resistance area to avoid a downside reaction.
Ripple Price Upside Hurdle
There was a short-term support base formed around $1.1350 in Ripple price against the US Dollar. The price started a slow and steady rise and moved above the $1.20 resistance. There was a break above the 38.2% Fib retracement level of the last downside push from the $1.6400 swing high to $1.1350 low. However, the upside move was capped by the $1.45-1.50 resistance area.
At the moment, it seems like there is a contracting triangle forming with resistance at $1.4000 on the hourly chart of the XRP/USD pair. The triangle resistance is close to the 50% Fib retracement level of the last downside push from the $1.6400 swing high to $1.1350 low. Therefore, a proper break above the $1.4000 level is needed for an upside move. Once there is a close above the $1.4000 level, the price may move toward the $1.50 level.
On the downside, the triangle support is at $1.3000. If the price fails to move above the $1.40 level, there is a chance of it breaking the $1.3000 support. A break below the $1.3000 level could initiate a fresh downside move towards the $1.15 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level with no major direction.
Major Support Level – $1.3000
Major Resistance Level – $1.4000
Charts courtesy – Trading View, Kraken