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Key Highlights
- Ripple price jumped higher and broke the $0.4750 and $0.5000 resistance levels against the US dollar.
- Yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is gaining momentum above the $0.5000 resistance and eyes a test of $0.5250.
Ripple price is gaining upside momentum against the US Dollar and Bitcoin. XRP/USD is placed in a bullish trend above the $0.4750 pivot level.
Ripple Price Trend
Yesterday, there was a minor downside correction in Ripple price from the $0.4820 swing high against the US Dollar. The XRP/USD pair traded lower and tested an important support near the $0.4500 level. Moreover, the price tested the 50% Fib retracement level of the wave from the $0.4250 low to $0.4820 high. Later, the price formed a support and started a fresh upside move above $0.4600.
During the upside move, yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair. More importantly, the price was able to break a crucial resistance at $0.4750. It opened the doors for more gains and the price rocketed above the $0.5000 level. It is now placed well above the $0.5000 resistance and it looks set to break $0.5200. An immediate support is near the 23.6% Fib retracement level of the last leg from the $0.4518 low to $0.5088 high. However, the most important support on the downside is at $0.4750, which was a resistance earlier.
Looking at the chart, the price is gaining upside momentum above $0.5000. Once it clears the $0.5200 barrier, it could accelerate gains towards $0.5500. On the downside, supports are seen at $0.5000, $0.4800 and the $0.4750 pivot level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now approaching the overbought levels.
Major Support Level – $0.4750
Major Resistance Level – $0.5250
