Key Highlights
- Ripple price is trading in a range above the $0.2550 support area against the US Dollar.
- Yesterday’s highlighted contracting triangle pattern with current resistance at $0.2640 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might soon either move above $0.2650 or break the 0.2600 support for more declines.
Ripple price is preparing for a break against the US Dollar and Bitcoin. XRP/USD might soon break $0.2650 to challenge the $0.2800 high.
Ripple Price Support
There are many positive signs for Ripple price above the $0.2500 support against the US Dollar. The price is currently trading in an important range above $0.2550 and preparing for the next move. I highlighted a contracting triangle pattern yesterday with current resistance at $0.2640 on the hourly chart of the XRP/USD pair. The triangle pattern is still in place with support near $0.2600.
As long as the price is above the $0.2600 level and the 100 hourly simple moving average, there are chances of an upside break. The price needs to gain momentum above the 61.8% Fib retracement level of the last decline from the $0.2800 high to $0.2370 low. Once there is a proper close above $0.2650, the price would gain momentum for a run towards the last swing high at $0.2800.
On the downside, the 100 hourly SMA and the $0.2600 support are important barriers for sellers. A close below $0.2600 could ignite a sharp decline back towards the $0.2350 area. The overall bias is positive above $0.2500. However, buyers need to step up the momentum for more gains towards $0.2800. Above $0.2800, the next major hurdle is at $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 50 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2650
Charts courtesy – Trading View, Kraken
