Ripple price recovered from the $0.6340 low and moved above the $0.6600 resistance against the US dollar.
Yesterday’s highlighted key bearish trend line with resistance at $0.6550 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is now placed nicely above the $0.6600 support with bullish moves towards $0.6800.
Ripple price is back in a positive zone against the US Dollar and Bitcoin. XRP/USD is likely to accelerate gains above the $0.6800 resistance in the near term.
Ripple Price Trend
Yesterday, we discussed about a major breakout pattern in Ripple price with resistance near $0.6550 against the US Dollar. The price formed a support base near $0.6350 and started an upside move. It broke to the upside and cleared the $0.6550 resistance to move back in a bullish zone. There was also a close above the $0.6600 resistance and the 100 hourly simple moving average.
During the upside, the price cleared the 50% Fib retracement level of the last decline from the $0.7031 high to $0.6340 low. Moreover, yesterday’s highlighted key bearish trend line with resistance at $0.6550 was breached on the hourly chart of the XRP/USD pair. The pair traded close to the $0.6900 level and is currently consolidating gains. On the upside, a close above the 61.8% Fib retracement level of the last decline from the $0.7031 high to $0.6340 low near $0.6800 may open the doors for more gains in the near term.
Looking at the chart, the current price action is very positive above $0.6550. If the price accelerates gains above $0.6800, it could move back towards the $0.7700 level. On the downside, supports are at $0.6550 and $0.6550, followed by the last low near $0.6350.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in a positive zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed nicely above the 55 level.
Major Support Level – $0.6550
Major Resistance Level – $0.6800
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