Ripple price managed to move further higher and it broke the $1.50 resistance against the US dollar. There is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is placed nicely above the $1.45 and $1.50 levels, and is eyeing further gains.Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD is gaining pace and it may soon attempt further upsides toward $1.80 and 2.00.
Ripple Price Support
There was a decent recovery initiated in Ripple price from the $0.8905 swing low against the US Dollar. The price traded above the $1.00 and $1.20 resistance levels to initiate a fresh upside move. There was even a break above the 61.8% Fib retracement level of the last major decline from the $1.91 high to $0.89 low. It opened the doors for more gains and the price was able to break the $1.45 and $1.50 resistance levels.
It traded as high as $1.7540 and is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $0.8905 low to $1.7540 high. Moreover, there is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair. The trend line support at $1.50 is also around the 100 hourly simple moving average. Therefore, there is a major support forming at $1.50. As long as the pair is above the $1.50 level, there could be more gains toward $1.75 or above the mentioned level.
The overall price action remains positive with supports at $1.45 and $1.50.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone, but with very less momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.
Major Support Level – $1.50
Major Resistance Level – $1.75
Charts courtesy – Trading View, Kraken