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Key Highlights
- Ripple price surged higher and broke a major resistance near $0.6800 against the US dollar.
- This week’s contracting triangle with resistance at $0.6800 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair traded above the $0.7000 and is now placed nicely in a bullish zone.
Ripple price broke to the upside against the US Dollar and Bitcoin. XRP/USD is now positioned nicely for more gains above the $0.7200 level in the near term.
Ripple Price Upside Break
There was an increase in buying interest above the $0.6500 level in Ripple price against the US Dollar. As a result, there was a fresh start of an upside move from the $0.6500 low. The price traded higher and moved above the $0.6600 and $0.6800 resistance levels, which opened the doors for more gains. More importantly, this week’s contracting triangle with resistance at $0.6800 was breached on the hourly chart of the XRP/USD pair.
The pair was also successful in clearing the $0.7000 resistance. It traded above the $0.7300 level and a new intraday high was formed at $0.7380. At the moment, the price is correcting lower towards the $0.7200 level. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.6460 low to $0.7380 high. However, the broken resistance at $0.7000 will most likely act as a strong support. Moreover, the 50% Fib retracement level of the last wave from the $0.6460 low to $0.7380 high is at $0.6925.
Looking at the chart, there was clearly an upside break above $0.6800. There can be a minor downside correction in the short term towards $0.7000 or $0.6900 before the price resumes its uptrend. On the upside, above $0.7350, the price could test the $0.7500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from the 75 level.
Major Support Level – $0.7000
Major Resistance Level – $0.7350
