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Key Highlights
- Ripple price made a solid upside move and traded above the $0.5500 and $0.6000 resistances against the US dollar.
- There is a short-term contracting triangle forming with resistance at $0.6300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct lower in the short term towards $0.6100 or $0.6000 before resuming its uptrend.
Ripple price surged higher and broke many barriers against the US Dollar and Bitcoin. XRP/USD is now placed nicely above $0.6000 and is eyeing more gains.
Ripple Price Upside Move
Finally, there was a solid upside wave initiated from well below $0.5000 in Ripple price against the US Dollar. The price gained bullish momentum and moved above the $0.5000 and $0.5500 resistance levels. The upside move was very strong and buyers were successful in pushing the price above the $0.6000 level. A high was formed at $0.6667 before the price started a short term correction.
It declined below the 23.6% Fib retracement level of the last wave from the $0.5569 low to $0.6667 high. However, the downside move was contained by the $0.61000 support area. Moreover, the 50% Fib retracement level of the last wave from the $0.5569 low to $0.6667 high also acted as a support. At the moment, it seems like there is a short-term contracting triangle forming with resistance at $0.6300 on the hourly chart of the XRP/USD pair. The pair may trade in a range above the $0.6100 support before it makes the next move.
A break above the $0.6300 level could open the doors for an upside move above $0.6500. Further above $0.6500, the price may continue to move higher and it could even break the $0.6600 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower toward the 60 level.
Major Support Level – $0.6100
Major Resistance Level – $0.6300
Charts courtesy – Trading View
