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- Ripple price extended its rally above the $0.4500 and $0.4700 resistances against the US dollar.
- The price tested the $0.4800 area and it looks set to extend gains above $0.5000.
- Yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There were sharp gains in Ethereum above $250 and $260, opening the doors for $300.
Ripple price started a significant upward move against the US Dollar and bitcoin. XRP broke $0.4750 and it looks set to surpass $0.5000 or even $0.5200 in the near term.
Ripple Price Analysis
In the past few sessions, ripple price gained a strong bullish momentum above the $0.4200 resistance against the US Dollar. The XRP/USD pair surged above the $0.4400 and $0.4500 resistance levels to register more than 15% gains. The upward move was such that the price even broke the $0.4750 resistance and the price is now trading well above the 100 hourly simple moving average. A swing high is formed at $0.4802 and the price remains elevated above the $0.4700 level.
An initial support is near the $0.4670 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high. If there is a downside extension, the price could test the $0.4540 or $0.4520 support levels. The 50% Fib retracement level of the recent wave from the $0.4262 low to $0.4802 high is also near $0.4532 to act as a strong support for the bulls. More importantly, yesterday’s highlighted important ascending channel is intact with support near $0.4390 on the hourly chart of the XRP/USD pair.
Therefore, dips remains well supported near $0.4540 and $0.4400 in the near term. On the upside, a break above the channel resistance and $0.4810 is likely to set the pace for more gains. An immediate resistance could be $0.4920, above which the price is likely to test the main $0.5000 barrier. Any further gains may perhaps clear the path for a push towards the $0.5200 level.
Looking at the chart, ripple price is following a strong uptrend above the $0.4400 and $0.4500 support. It seems like the price is readying for the next leg above the $0.4850 and $0.4920. If there is a downside correction, the bulls are likely to buy aggressively near the $0.4540 and $0.4520 support levels.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone, with strong positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 70 level and it is likely climbing towards 80.
Major Support Levels – $0.4540, $0.4520 and $0.4400.
Major Resistance Levels – $0.4810, $0.4920 and $0.5000.
