Key Highlights

  • Ripple price traded higher and broke a major resistance zone near 0.2500 against the US Dollar.
  • Yesterday’s highlighted bullish trend line with current support at $0.2440 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might correct a bit but remains poised for more gains above $0.2600 in the near term.

Ripple price is moving higher against the US Dollar and Bitcoin. XRP/USD is now above $0.2500 and eyeing further upsides in the near term.

Ripple Price Support

Finally, there was an upside move in Ripple price and it moved above a major resistance zone near 0.2500 against the US Dollar. The price traded above the $0.2550 resistance as well and formed a new weekly high near $0.2601. At the moment, the price is trading with a solid bullish bias above $0.2500. An initial support on the downside is around the 23.6% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high.

However, the most important support is now at $0.2500. The stated level is near the 38.2% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high. It acted as a resistance earlier around $0.2500-0.2505 and now it will most likely act as a solid support. Moreover, yesterday’s highlighted bullish trend line with current support at $0.2240 is intact on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

The trend line support is also around the 50% Fib retracement level of the last upside wave from the $0.2325 low to $0.2601 high. Therefore, the $0.2440 level is also a major support area for buyers in the near term. On the upside, a break above $0.2600 would call for a test of $0.2680.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed well in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the overbought levels.

Major Support Level – $0.2500

Major Resistance Level – $0.2600

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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