- Ripple price started a steady increase above the $0.9500 resistance against the US dollar.
- The price is now trading above $1.00 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $0.9350 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could correct lower, but dips might remain attractive near $1.00 and $0.9800.
Ripple price is showing positive signs above $0.9800 against the US Dollar, similar to bitcoin. XRP price must clear $1.08 for more gains in the near term.
Ripple Price Analysis
After consolidating above $0.8800, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $0.9200 and $.9500 resistance levels to move into a positive zone.
The pair surpassed the $0.9800 resistance and the 55 simple moving average (4-hours). There was also a break above a crucial bearish trend line with resistance near $0.9350 on the 4-hours chart of the XRP/USD pair.
The pair surpassed the $1.05 level, but it failed to surpass the $1.08 resistance. A high was formed near $1.088 and the price is now correcting lower. There was a break below the $1.05 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $0.8876 swing low to $1.088 high.
On the downside, an initial support is near the $1.020 level. The first major support is near the $0.9800 level. It is close to the 50% Fib retracement level of the recent increase from the $0.8876 swing low to $1.088 high.
Any more losses could lead the price towards the $0.9200 level in the near term. On the upside, an initial hurdle is near the $1.05 level. The next key resistance is near the $1.08 level. A close above the $1.08 could set the pace for more gains. The next major resistance is near the $1.12 level. Any more gains could lead the price towards the $1.20 level.
Looking at the chart, ripple price is now trading above $1.00 and the 55 simple moving average (4-hours). Overall, the price could correct lower, but dips might remain attractive near $1.00 and $0.9800.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $1.00, $0.9800 and $0.9200.
Key Resistance Levels – $1.05 and $1.08.
