In the last couple of hours, Ripple price managed to gain a strong momentum against its two main competitors – Bitcoin and the US Dollar. At the moment, the crypto coin is correcting gains. However, there are higher chances that Ripple might start a fresh increase right above the market price of $0.4600. This can happen in the near term.
Ripple Price Analysis
There are chances of XRP price surpassing its main resistance of $0.4500 against the US Dollar. The pair of US Dollar and XRP was able to gain a great momentum in the past three sessions. With that, the coin hugely rallied above the price resistance levels of $0.4450 and $0.4500. As a matter of fact, there was even a break that was recorded right above the price level of $0.4600.
Later on, the price started trading to a new monthly high of $0.4631. Just some few days ago, a downside correction that was below $0.4600 was recorded by the price. However, it managed to remain well above the 100-hour SMA – Simple Moving Average.
Price Breaks And Supports
In the course of the day, XRP experienced a price break that was below $0.4550. in addition to that, there was also a 23.6% Fib retracement of the latest rally. The rally moved from the low of $0.4263 to the high of $0.4623. At some point, the price even traded below the support of $0.4500.
However, the price level of $0.4450 acted as a very strong support. In addition to that, the Fib retracement level of 50% of the latest rally from the low of $0.4263 to the high of $0.4631 also acted as a great support.
One of the factors that became apparent was how the bullish trend was highlighted by yesterday’s trading charts. The bullish trend still remains intact with support that is close to the high of $0.4360 on the XRP/USD pair hourly charts. Further downsides could be witnessed, but the price levels of $0.4400 and $0.4360 are destined to hold more losses.
The Technical Indicators
The hourly MACD for the pair of XRP and USD is still at a nice place in the bullish zone. The other indicator is the hourly RSI. The RSI for the pair of the coin and USD is currently correcting at a level that is lower than 70. It is, however, moving towards the direction of 65. The major support levels for the coin are $0.4400, $0.4360 as well as $0.4300.
The Price Action In Summary
Ripple price began the day by surging higher and even breaking the key resistance area of USD of $0.4500. Later on, the price traded to a fresh monthly high of $0.4631 before beginning a downside correction in the past couple of hours.
The major bullish trend is still intact with support that is close to $0.4360 in the XRP/USD pair hourly chart. At the moment, the pair is doing quite well and is expected to move right above the price of $0.4620 and $0.4600.