Ripple Price Analysis: XRP/USD Rallies Above $0.4200
- Ripple price rallied recently and broke the $0.4200-0.4300 resistance against the US dollar.
- There was a break above two key bearish trend lines with resistance near $0.4200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair cleared the all-important $0.4200 resistance and the 100 hourly simple moving average.
Ripple price is rallying sharply against the US Dollar and Bitcoin. XRP/USD may continue to move higher as long as it is above $0.4200 and $0.4300.
Ripple Price Analysis
After dropping towards the $0.3500 level, Ripple price started an upside correction against the US Dollar. The XRP/USD pair traded above the $0.4000 and $0.4200 levels. Intermediately, buyers struggled to push the price above the $0.4400 level. A high was formed at $0.4394 and later the price stated a fresh decline. It declined below $0.4200 and the 50% Fib retracement level of the last wave from the $0.3609 low to $0.4394 high.
Later, the price tested the 61.8% Fib retracement level of the last wave from the $0.3609 low to $0.4394 high. Finally, the price started a solid upward move and broke the $0.4200 resistance and the 100 hourly SMA. The upside move was very strong as the price even cleared the $0.4250 hurdles. More importantly, there was a break above two key bearish trend lines with resistance near $0.4200 on the hourly chart of the XRP/USD pair. The pair gained traction for a run towards the $0.4600 level and it is currently placed nicely above the $0.4200 pivot level.
Looking at the chart, ripple price needs to settle above the $0.4400 level for more gains. The current market sentiment is very positive above $0.4150, and there could be more upsides towards $0.4650 and $0.4700. On the downside, key supports are near $0.4350, $0.4250 and $0.4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 60 level.
Major Support Level – $0.4200
Major Resistance Level – $0.4650
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