Key Highlights
- Ripple price is moving higher and is preparing for more gains above the $0.7200 level against the US dollar.
- There is a major bullish trend line forming with support at $0.7000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to accelerate higher and it may soon test the $0.7500 level in the near term.
Ripple price is showing bullish signs against the US Dollar and Bitcoin. XRP/USD may perhaps rise further above the $0.7200 level to test the $0.7500 resistance.
Ripple Price Support
There is a positive bias forming above the $0.6500 level in Ripple price against the US Dollar. The price traded above the $0.7000 level recently and formed a high at $0.7197. Later, it started a downside move and traded below the $0.7000 support. However, the downside move was protected by the $0.6500-0.6600 support. As a result, the price moved back higher and is currently trading above $0.7000.
On the downside, there is a major bullish trend line forming with support at $0.7000 on the hourly chart of the XRP/USD pair. The pair tested the $0.7200 resistance area once again, failed and declined below 23.6% Fib retracement level of the last decline from the $0.7197 high to $0.6588 low. It seems like the current price action is positive above the $0.7000 level. If the price remains above $0.7000, it could soon break the $0.7200 resistance.
Above the mentioned $0.7200, the price may test the $0.7500 level in the near term. The overall technical structure is positive with supports at $0.7000 and $0.6800. The most important support on the downside is near the $0.6500 level, followed by the 100 hourly simple moving average.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $0.7000
Major Resistance Level – $0.7200
Charts courtesy – Trading View
