Key points in the analysis
- The price of the Ripple was able to move above the resistance of $ 0.8400 against the US dollar.
- There was a break above a significant downtrend line with a resistance of $ 0.8450 on the hourly chart of the XRP / USD pair
- The pair now stands well above the support of $ 0.8600 and the simple moving average of 100 hours.
- The price of XRP is gaining momentum against the US dollar and Bitcoin. XRP / USD seems to be back in the bullish zone with resistances upwards at $ 0.8900 and $ 0.9000.
Analyzing the price of the Ripple
There was a support base formed in the price of Ripple above the level of $ 0.8200 against the US dollar. The price started an upward move and managed to break the $ 0.8400 resistance. There was also a break above the 50% retracement level of Fibonacci in the last decline, from the low of $ 0.9320 to the low of $ 0.8195. More importantly, there was a break above a significant downtrend line with a resistance of $ 0.8450 on the hourly chart of the XRP / USD pair.
The pair rose more and could be set above the support of $ 0.8600 and the simple moving average of 100 hours. The bullish movement stagnated near the Fibonacci retracement level of 61.8% of the last decline, from the low of $ 0.9320 to the minimum of $ 0.8195. At the moment, the price is consolidating in a range above the support of $ 0.8600. The resistance broken at $ 0.8600 and the SMA of 100 hours are acting as supports and are avoiding decreases.
As long as the price is above $ 0.8600 and the SMA of 100 per hour, there could be a bullish movement in XRP / USD. A break above the resistance levels of $ 0.8900 and $ 0.9000 could clear the way for more gains.
Important technical indicators
- MACD per hour: MACD for XRP / USD is now back in the bullish zone.
- SRS per hour (Relative strength index): the RSI for XRP / USD is currently well above level 50.
- Main support level: $ 0.8600
- Higher resistance level – $ 0.9000