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Key Highlights
- Ripple price is consolidating in a range below a major resistance at $0.2500 against the US Dollar.
- There are two bullish trend lines forming with support at $0.2400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might trade a few points lower, but it remains supported on the downside near $0.2400.
Ripple price is consolidating against the US Dollar and Bitcoin. XRP/USD is placed well above $0.2400 and it might soon break $0.2500.
Ripple Price Resistance
There was not much of action in Ripple price below the $0.2400 support against the US Dollar. The price made many attempts to break the $0.2500 resistance, but failed to move higher. A high was formed at $0.2501 from where the price started a correction. It moved below the 23.6% Fib retracement level of the last wave from the $0.2330 low to $0.2501 high.
However, the downside move was limited by the $0.2440 support and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last wave from the $0.2330 low to $0.2501 high also acted as a support. Further on the downside, there are two bullish trend lines forming with support at $0.2400 on the hourly chart of the XRP/USD pair. The pair is well supported on the downside above $0.2400 and it might trade higher in the short term.
However, a break above the $0.2500 won’t be easy. Should there be a break above the $0.2500, the price could trade sharply higher towards $0.2750. Above $0.2750, the next major resistance for buyers is around the $0.3000 level. On the downside, the $0.2440 and $0.2400 levels are important supports.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly showing signs of a range pattern.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just below the 50 level and is currently flat.
Major Support Level – $0.2400
Major Resistance Level – $0.2500
Charts courtesy – Trading View, Kraken
