- Ripple price is trading in a positive zone above the $0.3500 support area against the US dollar.
- Bitcoin and Ethereum climbed higher recently above the $5,200 and $180 levels respectively.
- There was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must clear the $0.3750 resistance to climb towards the $0.3850 and $0.4000 resistances.
Ripple price is placed nicely for more gains against the US Dollar and bitcoin. XRP might sooner or later break the $0.3750 resistance to start a solid rise towards the $0.4000 level.
Ripple Price Analysis
After a downside correction, ripple price found support near the $0.3250 level against the US Dollar. The XRP/USD pair started a fresh rise and traded above the $0.3380 and $0.3400 resistance levels. Later, there was a close above the $0.3500 level and the 100 hourly simple moving average. A swing high was formed at $0.3791 before the price corrected once again. It declined below the $0.3600 level and the 50% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high.
However, the $0.3500 level acted as a solid support along with the 100 hourly SMA. Besides, the 61.8% Fib retracement level of the last wave from the $0.3258 low to $0.3791 high also acted as a support. The price is currently moving higher and is placed above the $0.3600 level. Moreover, there was a break above a short-term contracting triangle with resistance near $0.3620 on the hourly chart of the XRP/USD pair. The pair tested the $0.3700 level and it is currently signaling more gains.
On the upside, the main resistance is near the $0.3750 and $0.3780 levels. A successful close above the $0.3750 level is likely to open the doors for more gains above the $0.3850 resistance. The next main hurdle for buyers is near the $0.4000 level, where sellers are likely to appear.
Looking at the chart, ripple price is clearly trading in a bullish zone above the $0.3600 and $0.3550 support levels. Therefore, if there is a fresh downside correction, buyers are likely to protect $0.3550 and the 100 hourly SMA. On the upside, sellers need to keep an eye on $0.3750 and $0.3780. A successful follow through above $0.3780 and $0.3800 is likely to push the price towards the $0.3850, $0.3900 or even $0.4000.
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 towards the 50 level.
Major Support Levels – $0.3600, $0.3550 and $0.3520.
Major Resistance Levels – $0.3700, $0.3750 and $0.3780.
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* First published on newsbtc.com
