Key Highlights
- Ripple price extended its gains and moved above the $0.2400 level against the US Dollar.
- There is a major bullish trend line forming with support at $0.2340 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and it could even challenge the $0.2500 level in the near term.
Ripple price powered higher against the US Dollar and Bitcoin. XRP/USD might continue to gain pace and could even break $0.2500.
Ripple Price Bullish Trend
During the past few days, there was a sharp rise in Ripple price above the $0.2100 level against the US Dollar. Yesterday, I mentioned that the price might continue to move higher and the next major hurdles are $0.2400 and $0.2500. The price extended its gains and was able to move past the $0.2400 handle. A high was formed at $0.2446 and the price later started a downside correction.
It is currently testing the 23.6% Fib retracement level of the last wave from the $0.2010 low to $0.2446 high. Moreover, there is a major bullish trend line forming with support at $0.2340 on the hourly chart of the XRP/USD. As long as the price is above the trend line support at $0.2340, it might move back above $0.2400 and could even trade towards $0.2500.
On the other hand, a break and close below $0.2340 would call for a test of the 50% Fib retracement level of the last wave from the $0.2010 low to $0.2446 high. The overall trend is bullish for XRP and the price is likely to form yet another high above $0.2446 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently showing a lot of positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from the overbought levels.
Major Support Level – $0.2340
Major Resistance Level – $0.2440
Charts courtesy – Trading View, Kraken
