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Key Highlights
- Ripple price recovered recently, but it is facing a significant resistance near $0.4500 against the US dollar.
- There was a break above a key bearish trend line with resistance at $0.4400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct lower, but it is likely to make another attempt to clear the $0.4500 resistance.
Ripple price jumped sharply against the US Dollar and Bitcoin. XRP/USD must clear the $0.4500 resistance to accelerate gains towards the $0.5000 level.
Ripple Price Trend
Recently, there was a sharp downside move below $0.4400 in Ripple price against the US Dollar. The XRP/USD pair traded below the $0.4200 support level, but it found support near $0.4150. A low was formed at $0.4142 and later the price started an upward move. The price gained traction and traded above the $0.4200 and $0.4400 resistance levels to move into a positive zone.
More importantly, there was a break above a key bearish trend line with resistance at $0.4400 on the hourly chart of the XRP/USD pair. The pair also settled above $0.4400 and the 100 hourly simple moving average. However, the upside move was capped by a crucial resistance near the $0.4500 level. At the moment, the price is correcting lower towards $0.4400. An initial support is near the 23.6% Fib retracement level of the last wave from the $0.4142 low to $0.4490 high. However, the most important support is near $0.4400 and the 100 hourly simple moving average.
Looking at the chart, the price has moved into a positive zone, but it has to move past $0.4500 to gain further. A push above $0.4500 could open the doors for more upsides towards the $0.5000 level. On the flip side, a break below $0.4400 may perhaps push the price towards the $0.4320 support.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.4400
Major Resistance Level – $0.4500
