- Ripple price traded to a new monthly high above $0.2900 against the US Dollar.
- There is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to trade higher towards the $0.2800 and $0.2900 resistance levels.
Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD is holding an important support and eyeing further gains.
Ripple Price Support
Yesterday, there was a sharp upside move in Ripple price above $0.2900 against the US Dollar. The price gained pace above $0.2900 and traded to a new monthly high at $0.2950. Later, it started correcting lower and declined below the $0.2700 level. However, the downside move was protected by the $0.2500 support and the 100 hourly simple moving average.
Moreover, on the downside, there is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low. Once the price gains momentum above $0.2700, there are chances of more upsides towards $0.2900. An intermediate resistance is close to the 50% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low.
It won’t be easy for sellers to break the $0.2500 support area. Below $0.2500, the $0.2350 support is also very important. As long as the price stays above the $0.2500 and $0.2350 support levels, it remains in an uptrend. On the upside, buyers might once again target the $0.2800 and $0.2900 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back kin the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $0.2500
Major Resistance Level – $0.2700
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.
Let’s block ads! (Why?)