Key Highlights
- Ripple price surged higher and settled above the 0.5000 resistance against the US dollar.
- There is a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may break the $0.6000 level in the near term to test the 0.6800 zone.
Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD needs to clear $0.6000 and $0.6800 to accelerate gains.
Ripple Price Analysis
This past week, we saw a nasty upward move from the $0.3500 low in Ripple price against the US Dollar. The XRP/USD pair even surpassed the $0.5200 target and traded towards the $0.8000 level. A new monthly high was formed at $0.7972 before the price started a downside correction. The price declined and traded towards the $0.5000 support. A low was formed at $0.4912 and later the price started consolidating losses.
It corrected higher and traded above the $0.5500 level. There was also a break above the 23.6% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. However, the upside move faced sellers near the $0.6000 and $0.6200 levels. There is also a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair. A break above the trend line could push the price towards 0.6440. It represents the 50% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. On the downside, the $0.5000 level is a decent support along with the 100 hourly simple moving average.
Looking at the chart, ripple price could break the $0.6000 resistance in the short term. However, a push above the $0.6800 is needed for a retest of the $0.7950-0.8000 zone.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.6000
