BUY BITCOIN
Key Highlights
- Ripple price is trading in a range above the $0.4300 support area against the US dollar.
- There is a short-term contracting triangle formed with resistance near $0.4560 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could accelerate gains once it breaks the $0.4600 and $0.4700 resistance levels in the near term.
Ripple price is briefly consolidating in a range against the US Dollar and Bitcoin. XRP/USD could explode once the current consolidation phase is over.
Ripple Price Resistances
During the past few days, Ripple price mostly traded in a range above the $0.4300 level against the US Dollar. The XRP/USD pair made a few attempts to break the $0.4600 and $0.4700 resistance levels, but it failed. At the moment, it is consolidating above the $0.4400 level and is likely preparing for the next move. A successful close above the $0.4700 hurdle is must for ripple buyers to take control.
An initial resistance is near the 50% Fib retracement level of the last decline from the $0.4690 high to $0.4437 low. There is also a short-term contracting triangle formed with resistance near $0.4560 on the hourly chart of the XRP/USD pair. The triangle resistance at $0.4560 is positioned near the 100 hourly simple moving average. A break above this could push the price towards the $0.4700 resistance. An intermediate resistance is the 76.4% Fib retracement level of the last decline from the $0.4690 high to $0.4437 low.
Looking at the chart, the price may continue to trade in a range below $0.4700 for the next few sessions. Above $0.4700, the price may well accelerate above $0.5000 towards $0.5500. On the downside, the price must stay above the $0.4400 and $0.4300 support levels to avoid more declines.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is not moving much in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is not signaling any major move.
Major Support Level – $0.4500
Major Resistance Level – $0.4700
