Key Highlights
- Ripple price found support near the $0.4750 level and moved higher against the US dollar.
- There is a key bullish trend line forming with support at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to rise towards $0.5000 as long as it is above the $0.4850 support.
Ripple price is slowly moving upwards against the US Dollar and Bitcoin. XRP/USD could gain upside momentum and it may perhaps break the $0.5000 resistance.
Ripple Price Support
Yesterday, there was a downside reaction from well above $0.5000 in Ripple price against the US Dollar. The price declined and tested the $0.4750 support, which acted as a barrier for sellers. A support base was formed above the $0.4750 level and the price started an upside move. It traded above the 23.6% Fib retracement level of the last decline from the $0.5110 high to $0.4740 low.
At the moment, the price is trading nicely above the $0.4800 level and near the 100 hourly simple moving average. However, the 50% Fib retracement level of the last decline from the $0.5110 high to $0.4740 low at $0.4925 is acting as a resistance. A break above the $0.4925 level is needed for a push above the $0.5000 barrier. Above the mentioned $0.5000, the price may continue to rise towards the $0.5100 and $0.5200 levels. On the downside, there is a key bullish trend line forming with support at $0.4850 on the hourly chart of the XRP/USD pair.
The pair remains supported near the trend line at $0.4850. Below the trend line support, the $0.4750 level remains a major buy zone. The overall price action is positive as long as the price is above $0.4800.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.
Major Support Level – $0.4800
Major Resistance Level – $0.5000
Charts courtesy – Trading View
