Key Highlights
- Ripple price is holding the $0.8200 support area and is currently approaching a break against the US dollar.
- There is a major contracting triangle forming with resistance at $0.8550 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- A break and close above $0.8500 and $0.8600 could open the doors for more gains.
Ripple price is slowly stabilizing against the US Dollar and Bitcoin. XRP/USD must break the $0.8600 resistance to gain upside momentum in the near term.
Ripple Price Resistance
There was a downside move below $0.9000 in Ripple price this past week against the US Dollar. The price traded below the $0.8500 support level and tested the $0.8000 low. Later, it started consolidating in a range and an intermediate low was formed at $0.8195. An upside move was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low.
The range pattern is contracting and it seems like the pair is approaching a break with support at $0.8200. There is also a major contracting triangle forming with resistance at $0.8550 on the hourly chart of the XRP/USD pair. The triangle resistance is near the 38.2% Fib retracement level of the last drop from the $0.9322 high to $0.8195 low. Moreover, the 100 hourly simple moving average is positioned near the $0.8620 level. It means there is a major resistance forming near $0.8600-0.8620. Once there is a close above the stated $0.8620 level, there could be more gains in the near term.
On the downside, the price must stay above the $0.8200 level. If there is a close below the $0.8200 level, there can be a downside push towards $0.8000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to remain above the 50 level.
Major Support Level – $0.8200
Major Resistance Level – $0.8600
Charts courtesy – SimpleFX