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Key Highlights
- Ripple price corrected lower recently and it tested the $1.50 support area against the US Dollar.
- There is a major bullish trend line forming with support at $1.8000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might resume its upside soon once it succeeds in breaking the $2.00 resistance area.
Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near $1.80 and $1.70.
Ripple Price Support
After a solid upside move, Ripple price faced a strong resistance at $2.45 against the US Dollar. The price started a downside correction and moved below the $2.00 and $1.80 support levels. It traded close to the $1.50 level and formed a low as $1.5962. Later, it found bids and started an upside move above $1.60. XRP succeeded in moving above the 23.6% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low.
The last downside move was protected by a major support at $1.60 and the 100 hourly simple moving average. Moreover, a major bullish trend line with support at $1.8000 on the hourly chart of the XRP/USD pair also acted as a barrier for sellers. The pair is now above the $1.80 level, but it struggled to break the $2.00 level. Moreover, the 50% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low is also acting as a resistance. Once the price breaks $2.00 and settles above the stated level, there can be more gains in the near term.
On the downside, the $1.8000 support area is very important. Furthermore, the $1.7000 level and the 100 hourly SMA are also decent buy zones.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 50 level.
Major Support Level – $1.8000
Major Resistance Level – $2.0000
Charts courtesy – Trading View, Kraken
