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Key Highlights
- Ripple price rocketed higher and broke the $0.5000 and $0.5200 resistance levels against the US dollar.
- There is a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting lower, but it remains supported near $0.5100 and $0.5000.
Ripple price broke key resistances against the US Dollar and Bitcoin. XRP/USD is now placed in a bullish trend with supports above $0.5000.
Ripple Price Trend
There was a sharp upside move in Ripple price above the $0.4500 and $0.4800 resistances against the US Dollar. The XRP/USD pair climbed above a crucial resistance near $0.5000 to move into a bullish zone. Later, buyers were successful in pushing the price above the $0.5200 resistance which opened the doors for more gains. XRP price traded as high as $0.5242 before it started a downside correction.
It is currently testing the 23.6% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high. It seems like the price is placed nicely in a bullish trend with many supports above $0.5000. There is also a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair. Around the trend line support, the 50% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high is positioned. Therefore, if the price corrects lower, it is likely to find a lot of buying interest near the $0.5100 and $0.5000 levels.
Looking at the chart, the price is showing many positive signs above $0.5000. On the upside, a break above the $0.5240-50 resistance zone may well push XRP towards the $0.5500 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed in the overbought zone with positive signs.
Major Support Level – $0.5100
Major Resistance Level – $0.5250
