- Ripple price is slowly on the move and is currently trading above the $0.6800 resistance against the US dollar.
- There is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently placed nicely in an uptrend and it could extend gains above $0.7100 in the near term.
Ripple price is moving nicely in a positive zone against the US Dollar and Bitcoin. XRP/USD may well rise further above $0.7100 and towards $0.7400.
Ripple Price Trend
There was a decent support base formed near the $0.6500 level in Ripple price against the US Dollar. The price started an upside move and traded above the $0.6600 and $0.6800 resistance levels. The upside move was positive as there was a close above the $0.6800 resistance and the 100 hourly simple moving average. There was even a spike above the $0.7000 level where sellers appeared.
The best part is the fact that the price is now above the 38.2% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. At the moment, there is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair. The pair is trading with a positive bias with resistance near the $0.7100 level. It also represents the 61.8% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. The channel resistance is also close to $0.7100. Therefore, a break above $0.7100 won’t be easy.
Looking at the chart, the price may well move above $0.7100 if it stays inside the channel. A push above the $0.7100 resistance will most likely clear the path for more upsides in XRP towards $0.7300 and $0.7400.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 60 level.
Major Support Level – $0.6850
Major Resistance Level – $0.7100