BUY BITCOIN
- Ripple price is holding the $0.4580 support, but struggling to climb higher against the US dollar.
- The price seems to be consolidating below the $0.4800 and $0.4850 resistance levels.
- The bulls are attempting a convincing close above yesterday’s bearish trend line with resistance near $0.4700 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Similarly, Ethereum price is facing an uphill task close to the $320 resistance area.
Ripple price is trading in a tight range against the US Dollar, while bitcoin is surging. XRP price needs to stay above $0.4580 to remain in a positive zone and climb higher.
Ripple Price Analysis
Recently, bitcoin price surged to $12,000 (as discussed yesterday), but ripple price failed to gain traction against the US Dollar. The XRP/USD pair seems to be forming a solid support above the $0.4550 and $0.4580 levels. It also settled above the 23.6% Fib retracement level of the downward move from the $0.5086 high to $0.4455 low.
Moreover, there was a close above the $0.4650 level and the 100 hourly simple moving average. At the moment, the bulls are attempting a convincing close above yesterday’s bearish trend line with resistance near $0.4700 on the hourly chart of the XRP/USD pair. If they succeed, the price could test the $0.4770 resistance level. The 50% Fib retracement level of the downward move from the $0.5086 high to $0.4455 low is near the $0.4770 level to prevent gains.
If there is an upside break above $0.4470, the next key resistance is near the $0.4800 level. Above $0.4800, ripple price is likely to start a strong rise above the $0.4850 and $0.4900 levels. Additionally, there are chances of an upside break above the main $0.5000 resistance in the near term.
Conversely, if XRP continues to struggle below $0.4800, there could be a few bearish moves. On the downside, an initial supports are $0.4600 and $0.4580. If the price fails to stay above the $0.4580 support, it could slide back towards the $0.4450 support area.
Looking at the chart, ripple price seems to be trading in a tight range below the $0.4770 and $0.4800 resistance levels. A successful close above $0.4800 and a follow through above $0.4850 is must for more gains in the near term. If not, the price could correct lower once again and complete another bearish wave below $0.4450.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, but showing signs of trend exhaustion.
Major Support Levels – $0.4770, $0.4800 and $0.4850.
Major Resistance Levels – $0.4600, $0.4580 and $0.4450.
