Key Highlights
- Ripple price is gaining momentum and is currently trading above the $1.0500 support against the US dollar.
- There is an ascending channel forming with support at $1.0000 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair may continue to rise in the short term towards the $1.12 and $1.15 levels.
Ripple price is slowly gaining upside momentum against the US Dollar and Bitcoin. XRP/USD could continue to rise and it may even test the $1.15 level.
Ripple Price Upside Move
There are decent bullish signs above $0.9500 in Ripple price against the US Dollar. The price started a slow and steady rise from the $0.9190 low and moved above the $0.9500 and $1.0000 resistance. It was successful in breaking the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. It cleared the path for more gains and the price was able to move above the $1.05 resistance.
It recently tested the $1.09 and $1.10 resistance levels where the upside move paused. The main reason was the 76.4% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. Buyers failed to push the price above the $1.10 and later a consolidation phase was initiated. It seems like there is an ascending channel forming with support at $1.0000 on the hourly chart of the XRP/USD pair. The channel resistance is also near $1.10 and it acted as a barrier for more upsides.
On the upside, a break above the $1.10 level could push the price towards the last high of $1.17. On the downside, the price remains supported above the $1.00 and $0.90 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $0.9500
Major Resistance Level – $1.1000
Charts courtesy – SimpleFX
