- Ripple price remained above a key support area at $0.2500-0.2400 against the US Dollar.
- There is a contracting triangle pattern forming with resistance at $0.2650 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is currently above the $0.2400 support and the 100 hourly simple moving average, which is a positive sign.
Ripple price is holding important support levels against the US Dollar and Bitcoin. XRP/USD is now looking for an upside break above $0.2650.
Ripple Price Support
There was a slow and steady rise in Ripple price from the $0.2350 low against the US Dollar. The price succeeded in holding the $0.2400 support area and positioned itself above the 100 hourly simple moving average. There was an attempt to break the $0.2700 resistance, but buyers failed to hold traction. As a result, there was a downside correction and the price moved back towards $0.2500. There was a break below the 38.2% Fib retracement level of the last wave from the $0.2367 low to $0.2733 high.
However, the downside move was protected by $0.2500 and the 100 hourly simple moving average. The 50% Fib retracement level of the last wave from the $0.2367 low to $0.2733 high also acted as a support. At the moment, there is a contracting triangle pattern forming with resistance at $0.2650 on the hourly chart of the XRP/USD pair. On the downside, the triangle support is at $0.2550 and the 100 hourly SMA.
It seems like the price is preparing for an upside ride above $0.2650. Above $0.2650, buyers need to clear $0.2700 for a push towards the $0.2800 swing high.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Major Support Level – $0.2550
Major Resistance Level – $0.2650
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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