- Ripple price gained upside momentum as it managed to hold the $0.5000 support against the US dollar.
- There is an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to move higher above the $0.5800 and $0.5900 resistance levels in the near term.
Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD is now above $0.5400, and it could continue to move higher.
Ripple Price Support
After declining close to the $0.5000 level, Ripple price found support against the US Dollar. The price traded as low as $0.5035 before buyers appeared and started an upside move. XRP price climbed higher and moved above the $0.5200 resistance levels. There was also a break above the 38.2% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low.
The upside move was decent as the price succeeded in moving above the $0.5400 resistance level. There were further gains and the price moved above the $0.5500 level. Later, buyers succeeded in pushing the price above the 50% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low. At the moment, the price is attempting a close above the 100 hourly simple moving average and $0.5600. There is also an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair. As long as the price is following the channel, it could move further higher above the $0.5800 level in the near term.
Looking at the chart, the current price action is positive above $0.5400. A break above the $0.5800 resistance may perhaps clear the path for a push above $0.6000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved above the 50 level.
Major Support Level – $0.5400
Major Resistance Level – $0.5800