- Ripple price is well supported above the $0.2400 and $0.2450 support levels against the US Dollar.
- There is a short-term contracting triangle forming with support near $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might soon make the next move either above $0.2600 or below $0.2450 in the near term.
Ripple price is placed well in the bullish zone against the US Dollar and Bitcoin. XRP/USD might soon accelerate higher if it manages to break $0.2600.
Ripple Price Resistance
It was a decent price action in Ripple price above the $0.2400 support against the US Dollar. The price started a nice upside move from the $0.2200 swing low and moved above the $0.2400 resistance. It traded as high as $0.2670 where it faced sellers and later started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $0.2200 swing low to $0.2670 high.
However, the downside move is limited by the $0.2400 and $0.2450 support levels. Moreover, the 50% Fib retracement level of the last wave from the $0.2200 swing low to $0.2670 high is acting as a support. At the moment, the price is placed well above $0.2400 and the 100 hourly simple moving average. It seems like a short-term contracting triangle forming with support near $0.2450 on the hourly chart of the XRP/USD pair. The triangle support near $0.2450 is important since it is close to the 100 hourly simple moving average.
As long as the pair is above the $0.2450 support and the 100 hourly SMA, it remains well placed in the bullish zone. It might soon attempt an upside break above $0.2600 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD might soon move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher toward the 50 level.
Major Support Level – $0.2450
Major Resistance Level – $0.2600
Charts courtesy – Trading View, Kraken