- Ripple price formed a major low near the $0.5100 level and bounced back against the US dollar.
- Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair tested the $0.5500 resistance zone and is currently correcting lower.
Ripple price is back with positive moves against the US Dollar and Bitcoin. XRP/USD is now well supported above the $0.5300 level and the 100 hourly SMA.
Ripple Price Trend
There was a key support formed around the $0.5100 level in Ripple price against the US Dollar. The price formed a low at $0.5100 and started a nice upside move. It jumped above the $0.5200 resistance and cleared a few sell zones. During the upside move, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5650 swing high to $0.5100 low.
Moreover, yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5400 level and the 100 hourly simple moving average. There was a test of the $0.5500 resistance zone where sellers appeared. A high was formed at $0.5523 before the price started a downside correction. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high. On the downside, there are many supports near the $0.5300 level and the 100 hourly SMA.
Looking at the chart, the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high at $0.5311 is a decent support. Therefore, if the price continues to move down, it is likely to find bids near the $0.5300 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well above the 50 level.
Major Support Level – $0.5300
Major Resistance Level – $0.5520
The post Ripple Price Analysis: XRP/USD Poised to Extend Gains appeared first on BitcoinLinux.