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Key Highlights
- Ripple price is rising sharply and is currently trading above the $0.5200 support against the US dollar.
- There is a major bullish trend line forming with support at $0.5050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct a few points, but it remains supported above near the $0.5100 level.
Ripple price is gaining upside momentum against the US Dollar and Bitcoin. XRP/USD is poised to extend gains and downsides remain supported above $0.5100.
Ripple Price Trend
There was a nice support base formed near the $0.4850 level in Ripple price against the US Dollar. The price started an upside move and succeeded in breaking the $0.5000 resistance. It opened the doors for more gains, which resulted in an hourly close above $0.5100 and the 100 hourly simple moving average. It even moved past the $0.5200 resistance and traded as high as $0.5550 recently.
A downside correction is underway from the $0.5550 high. During the last slide, the price already tested the 50% Fib retracement level of the last wave from the $0.4938 low to $0.5550 high. The decline was protected by the $0.5200 support and the price moved back in the positive zone. It is currently trading well above the $0.5300 level and it looks set for more gains. On the upside, a break above the $0.5550 high could clear the path for a push above the $0.5800 level in the near term.
The next resistance above $0.5800 sits near $0.6000. On the downside, below $0.5300, there is also a major bullish trend line forming with support at $0.5050 on the hourly chart of the XRP/USD pair. As long as the pair is above $0.5100, it remains in an uptrend for more gains.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower from 70.
Major Support Level – $0.5100
Major Resistance Level – $0.5550
Charts courtesy – Trading View
