Key Highlights
- Ripple price remained in the positive zone above the $0.6000 and $0.6100 support levels against the US dollar.
- There is a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might correct a few points in the near term before retesting the $0.6250 resistance.
Ripple price is placed nicely in a bullish zone against the US Dollar and Bitcoin. XRP/USD has to move past the $0.6250 barrier for more gains in the near term.
Ripple Price Trend
There was a decent price action forming above $0.6000 in Ripple price faced against the US Dollar. The price retested the $0.6200-$0.6250 resistance zone yesterday. However, there was no upside break above $0.6250 and the price topped near $0.6201. It corrected lower and traded below the $0.6150 level. It also declined below the 23.6% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low.
On the downside, there are many supports above the $0.6000 level. There is also a short-term connecting bullish trend line forming with support at $0.6060 on the hourly chart of the XRP/USD pair. Below the trend line, the 50% Fib retracement level of the last wave from the $0.5815 low to $0.6201 low is positioned near $0.6008 to prevent losses. Further below $0.6000, the next major buy zone is near $0.5850. As long as the price is above the $0.6000 and $0.5850 support levels, it remains in an uptrend.
Looking at the chart, the price remains well supported above the $0.5850 level. There could a few downside corrections in the near term, but $0.6000 and $0.5850 are likely to hold losses. On the upside, the price has to move above $0.6250 to accelerate gains towards $0.6600.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is lower towards the 50 level.
Major Support Level – $0.5850
Major Resistance Level – $0.6250
