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Key Highlights
- Ripple price started an upside correction after trading as low as $0.6603 against the US dollar.
- There is an ascending channel forming with current support at $0.6900 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to correct higher if it breaks the $0.7150 resistance level.
Ripple price is slowly correcting higher against the US Dollar and Bitcoin. XRP/USD is currently struggling to break $0.7050 and the 100 hourly SMA with a few positive signs.
Ripple Price Resistance
After a substantial decline yesterday below $0.7000, Ripple price found support above $0.6500 against the US Dollar. The price traded as low as $0.6603 before buyers appeared. Later, the price started an upside correction and traded above the $0.6750 resistance. It also traded above the 38.2% Fib retracement level of the last decline from the $0.7476 high to $0.6603 low.
At the moment, the price is trading with a tiny bullish angle above $0.6800. There is also an ascending channel forming with current support at $0.6900 on the hourly chart of the XRP/USD pair. However, the pair seems to be struggling to break the $0.7100 resistance and the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last decline from the $0.7476 high to $0.6603 low is also acting as a resistance near $0.7145. A break above the $0.7100 and $0.7150 resistance levels may well open the doors for more gains towards $0.7400 in the near term.
Looking at the chart, the price is trading nicely above $0.6800, but a break and close above 100 hourly SMA is must for buyers to take control. On the downside, the channel support at $0.6900 holds the key. Below this, the price could move back towards the $0.6600 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Level – $0.6900
Major Resistance Level – $0.7150
