Key Highlights
- Ripple price is gaining momentum and is currently above the $1.00 handle against the US Dollar.
- There is a major bullish trend line forming with support at $1.05 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might correct a few points from the current levels, but it remains supported above $1.05.
Ripple price is moving in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher towards the $1.25 level.
Ripple Price Support
There was a fresh upside wave initiated from the $0.8000 swing low in Ripple price against the US Dollar. The price traded higher and broke a few important resistances near $0.9000 and $1.00. The upside move was strong and the price was able to move above the $1.10 level as well. During the upside move, the price broke a bearish trend line on the hourly chart at $1.02. It opened the doors for more gains and the price traded as high as $1.17.
Later, it faced sellers and started a downside correction towards $1.1000. It is currently trading near the 23.6% Fib retracement level of the last wave from the $0.8600 low to $1.1718 high. There are many supports on the downside at $1.05. There is also a major bullish trend line forming with support at $1.05 on the hourly chart of the XRP/USD pair. The trend line support is important at $1.05. It is also near the 38.2% Fib retracement level of the last wave from the $0.8600 low to $1.1718 high.
There is a chance of a minor downside correction towards $1.05. However, the price remains supported on the downside and it may soon move higher towards $1.25.
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 lower from the overbought levels.
Major Support Level – $1.0500
Major Resistance Level – $1.2000
Charts courtesy – Trading View, Kraken
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