- Ripple price gained bullish momentum and broke the $0.4500 resistance area against the US dollar.
- There is an ascending channel formed with support at $0.4540 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains well supported on the downside near the $0.4540 and $0.4500 levels.
Ripple price bounced back nicely against the US Dollar and Bitcoin. XRP/USD has moved into a bullish zone and it could break the $0.4620 resistance zone.
Ripple Price Analysis
Yesterday, we saw a decent upward move above the $0.4400 level in ripple price against the US Dollar. The XRP/USD pair traded towards the $0.4580 level and later started consolidating gains. The price dipped a few points and tested the $0.4480 support and the 100 hourly simple moving average. Buyers appeared and protected more losses below the 50% Fib retracement level of the upward move from the $0.4240 low to $0.4570 swing high.
As a result, there was a fresh upside move and the price traded above the $0.4580 and $0.4600 resistance levels. It tested the $0.4620-30 resistance zone, which prevented further gains. At the moment, the price is correcting lower towards the $0.4540 support. An initial support is near the 23.6% Fib retracement level of the recent wave from the $0.4330 low to $0.4630 swing high. Moreover, there is an ascending channel formed with support at $0.4540 on the hourly chart of the XRP/USD pair. Therefore, any major downside move from the current levels is likely to find a solid support near the $0.4540 and $0.4500 levels.
Looking at the chart, ripple price is currently placed above the $0.4500 level and the 100 hourly simple moving average. On the upside, a break above the $0.4620 resistance could open the doors for more gains towards $0.4800.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting from the 70 level.
Major Support Level – $0.4500
Major Resistance Level – $0.4620
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Author: Aayush Jindal