BUY BITCOIN
Key Highlights
- Ripple price held the $0.4270 support once again and remained well bid against the US dollar.
- There was a break above a connecting bearish trend line with resistance at $0.4300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair bounced back recently, but it is struggling to clear the $0.4420 resistance level.
Ripple price is holding key supports against the US Dollar and Bitcoin. XRP/USD is likely to recover further as long as it is above $0.4270.
Ripple Price Support
There was a slow and steady decline towards $0.4300 in Ripple price against the US Dollar. The XRP/USD pair retested the $0.4270 support area, which acted as a significant barrier for sellers. There was no downside break below $0.4270, which is a positive sign. The price bounced back and moved above the 23.6% Fib retracement level of the last decline from the $0.4600 swing high to $0.4260 low.
The current price action is positive above the $0.4300 level. More importantly, there was a break above a connecting bearish trend line with resistance at $0.4300 on the hourly chart of the XRP/USD pair. The pair traded above the $0.4400 level, but it struggled to clear the $0.4420 level. Moreover, the 50% Fib retracement level of the last decline from the $0.4600 swing high to $0.4260 low acted as a resistance. At the moment, the price is moving lower, but it could find support near $0.4350 and $0.4320.
Looking at the chart, the price is holding the $0.4270 swing support very well. Therefore, as long as the stated $0.4270 support is intact, ripple is likely to recover slowly above $0.4450. The next key resistances on the upside are at $0.4600 and $0.4720 where sellers might emerge.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD spiked above the 50 level, suggesting a positive bias.
Major Support Level – $0.4270
Major Resistance Level – $0.4420
