- Ripple price is trading nicely in an uptrend above the $0.2425 support area against the US dollar.
- The price seems to be eyeing a fresh increase above the $0.2600 and $0.2650 levels.
- There is a major bullish trend line forming with support near $0.2400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to grind higher towards $0.2800 once it gains strength above $0.2600.
Ripple price is climbing steadily above $0.2500 against the US Dollar. XRP price remains well supported on the downside and it could soon test the $0.2800 hurdle.
Ripple Price Analysis
After testing the $0.2200 support area, ripple price started a steady rise against the US Dollar. XRP/USD broke many hurdles near the $0.2240 and $0.2350 levels to move into a positive zone.
Moreover, there was a close above the $0.2425 level and the 55 simple moving average (4-hours). Finally, the price traded to a new yearly high at $0.2613 and it is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2357 low to $0.2613 high. However, there is a strong support base forming near the $0.2470 and $0.2425 levels.
More importantly, there is a major bullish trend line forming with support near $0.2400 on the 4-hours chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.2357 low to $0.2613 high is also near the $0.2485 level to provide support.
Below the trend line support, the next major support is near the $0.2350 level and the 55 simple moving average (4-hours). Any further losses may perhaps move the price into a bearish zone.
On the upside, there is a connecting bearish trend line forming with resistance near the $0.2550 level. A clear break above $0.2550 and $0.2560 might start another upward move.
In the mentioned case, ripple is likely to surpass the key $0.2600 resistance area. Finally, a successful follow through above the $0.2600 resistance could set the pace for a larger upward move towards the $0.2800 resistance area.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.2400 and $0.2425 levels. Therefore, the price is likely to rally further above $0.2600 unless there is a close below the $0.2400 support area.
Technical indicators
4 hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 55 level.
Key Support Levels – $0.2485, $0.2425 and $0.2400.
Key Resistance Levels – $0.2560 and $0.2600.
