Key Highlights
- 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
