Ripple corrected lower from $0.2640, but it found support near $0.2510 against the US Dollar. XRP price is currently rising and it seems like the bulls are aiming a fresh increase above $0.2600.
- Ripple remained well bid above the $0.2500 and $0.2510 support levels against the US dollar.
- The price is now trading above the $0.2550 resistance and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $0.2555 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.2585 and $0.2590 resistance levels.
Ripple Price Holding Gains
This past week, we saw a sharp increase in ripple above the $0.2500 resistance area. XRP price even surged above the $0.2600 resistance and settled well above the 100 hourly simple moving average.
It traded to a new monthly high near $0.2640 before starting a downside correction. There was a break below the $0.2600 and $0.2550 support levels. However, the bulls were able to defend the $0.2500 support zone.
A support base seems to be forming near $0.2500 and the price is currently climbing higher. There was a break above the $0.2550 level. More importantly, there was a break above a major bearish trend line with resistance near $0.2555 on the hourly chart of the XRP/USD pair.
Ripple traded as high as $0.2590 and it is currently correcting lower. It is testing the $0.2565 level and the 100 hourly simple moving average. An initial support is near the 50% Fib retracement level of the recent increase from the $0.2518 swing low to $0.2590 high.
Source: XRPUSD on TradingView.com
The next major support is near the broken trend line, and the 61.8% Fib retracement level of the recent increase from the $0.2518 swing low to $0.2590 high. On the upside, the bulls are facing a minor hurdle near $0.2590.
A successful break above the $0.2590 resistance might set the pace for a fresh increase above $0.2600. The next key resistance is near $0.2620, above which the price could even clear the $0.2640 zone.
Key Supports For XRP
The first key support for ripple is near the $0.2550 level and the broken trend line. The next key support is forming near the $0.2510 and $0.2500 levels.
A successful break below the $0.2500 support level could put a lot of pressure on the bulls. In the stated case, the price may possibly decline towards the $0.2450 support level.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Levels – $0.2550, $0.2510 and $0.2500.
Major Resistance Levels – $0.2590, $0.2600 and $0.2620.
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