Key Highlights
- Ripple price gained momentum recently and it moved above the $0.8800 resistance against the US dollar.
- There was a break above a crucial bearish trend line with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair looks set to trade further above the $0.9000 and $0.9200 resistance levels in the near term.
Ripple price is placed nicely in a bullish zone against the US Dollar and Bitcoin. XRP/USD may continue to move higher towards the $0.9500.
Ripple Price Trend
There was a nice bullish trend formation above $0.8000 this week in Ripple price against the US Dollar. The price traded higher and it was successful in breaking the $0.8400 and $0.8500 resistance levels. It also succeeded in closing above the $0.8600 level and the 100 hourly simple moving average. These are positive signs and it means that the price may continue to move higher towards $0.9500 in the near term.
During the upside move, there was a break above a crucial bearish trend line with resistance at $0.8700 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.9062 where it faced sellers and started a downside correction. It traded below the 23.6% Fib retracement level of the last wave from the $0.8239 low to $0.9062 high. However, the downside move was protected by the $0.8750 support. Moreover, there is also a major support near $0.8600. The stated level is close to the 50% Fib retracement level of the last wave from the $0.8239 low to $0.9062 high.
Therefore, the $0.8600 level is a major buy zone. As long as the price is above $0.8600, it may perhaps rise again towards $0.9500 or even $0.9800 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well above the 50 level.
Major Support Level – $0.8600
Major Resistance Level – $0.9000
Charts courtesy – SimpleFX
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