Ripple Price Analysis: XRP/USD Holding Key Support

Key Highlights

• Ripple price is following a bullish path above the $0.4750 pivot level against the US dollar.
• There is a major bullish trend line in place with support at $0.4900 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is likely to extend the current upside move as long as it is above $0.4800 and $0.4750.

Ripple price is holding important support levels against the US Dollar and Bitcoin. XRP/USD is likely to move further higher above the $0.5050 level in the near term.

Ripple Price Trend

Yesterday, there was a minor upside wave above the $0.4900 level in Ripple price against the US Dollar. After forming a low near the $0.4750 support, the price moved higher. There was a break above the 50% Fib retracement level of the last decline from the $0.5204 high to $0.4750 low. The XRP/USD pair traded above the $0.5000 level, but upsides were capped by the $0.5050 resistance.

Moreover, the 61.8% Fib retracement level of the last decline from the $0.5204 high to $0.4750 low also acted as a resistance. The pair dipped once again, but declines were protected by the $0.4900 support zone. There is also a major bullish trend line in place with support at $0.4900 on the hourly chart of the XRP/USD pair. The pair is currently trading nicely above the $0.4900 support and the 100 hourly simple moving average. A break below $0.4900 may perhaps push the price towards the $0.4750 support zone.

Looking at the chart, the price must clear the $0.5000 and $0.5050 resistance levels to gain traction. Above $0.5050, the price could revisit the $0.5200 zone. The overall price action is positive as long as the price is above the $0.4750 support area.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

Major Support Level – $0.4900

Major Resistance Level – $0.5050

The post Ripple Price Analysis: XRP/USD Holding Key Support appeared first on NewsBTC.