- Ripple price gained heavy bids and moved above $0.2500 against the US Dollar before correcting lower.
- There is a bearish trend line forming with resistance at $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and it remains supported above the $0.2100 level.
Ripple price gained heavy bullish momentum against the US Dollar and Bitcoin. XRP/USD remains in an uptrend above the $0.2100 support area.
Ripple Price Rally
There was a sharp upside move in Ripple price above the $0.2150 level against the US Dollar. The upside move was strong as the price was able to break the $0.2400 and $0.2500 resistance levels. It traded close to the $0.2700 level before it faced solid offers. A high was formed near $0.2660 and later the price started a downside correction. The dip was massive and the price trimmed most of its gains to trade back towards $0.2100.
The mentioned $0.2100 support area acted as a support along with the 100 hourly simple moving average. The price is now moving back higher and already broke the 23.6% Fib retracement level of the last decline from the 0.2660 high to $0.2065 low. On the upside, there is a bearish trend line forming with resistance at $0.2350 on the hourly chart of the XRP/USD pair. The same trend line is near the 50% Fib retracement level of the last decline from the 0.2660 high to $0.2065 low.
Therefore, the $0.2350 level is a decent resistance for the next move. On the downside, an initial support is near $0.2180. However, the most important support is close to the $0.2120 level and the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level and showing positive signs.
Major Support Level – $0.2120
Major Resistance Level – $0.2350
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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