- Ripple price corrected lower towards $.1960 against the US Dollar where it found support.
- There is a major bullish trend line forming with support at $0.1980 on the hourly chart of XRP/USD (data source from Kraken).
- The price remains in an uptrend and there is a chance of a new high above $0.2150 in the near term.
Ripple price is gaining pace against the US Dollar and Bitcoin. XRP/USD might soon break the recent high of $0.2150 for a new monthly high.
Ripple Price Trend Line Support
It was a good past week for Ripple price as it moved above $0.1800 against the US Dollar. The price is now in the bullish zone and following a nice bullish pattern above $0.1900. Recently, it traded close to the $0.2150 level from where a correction was initiated. The price traded towards the $0.1950 support. The mentioned $0.1950 support acted as a strong barrier for sellers. There were 2-3 attempts to break the $0.1950 support, but sellers failed.
The price bounced sharply and it is now trading above $0.2000 and the 100 hourly simple moving average. The upside move was strong since the price is now above the 50% Fib retracement level of the last decline from the $0.2150 high to $0.1879 low. At the moment, the price is struggling to break the $0.2080 level. The mentioned $0.2080 resistance is the 76.4% Fib retracement level of the last decline from the $0.2150 high to $0.1879 low. Therefore, there is a chance of a minor dip towards the $0.2000 support and the 100 hourly SMA.
Below $0.2000, there is a major bullish trend line forming with support at $0.1980 on the hourly chart of XRP/USD. As long as the pair is above $0.1950, it remains in the uptrend and might break $0.2150 soon.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Major Support Level – $0.1950
Major Resistance Level – $0.2080
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.