- Ripple price is holding a major support area near $0.7500 against the US dollar.
- There is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- On the upside, the pair is facing a major resistance near the $0.8000 resistance and the 100 hourly simple moving average.
Ripple price is holding key supports against the US Dollar and Bitcoin. XRP/USD has to gain momentum above $0.8000 and $0.8200 to gain traction.
Ripple Price Range
There was no major move above $0.8400 in Ripple price during the past two sessions against the US Dollar. The price tested the $0.8300 level, failed to gain momentum and declined below $0.8200. It moved below the $0.8000 support and the 100 hourly simple moving average. A low was formed at $0.7630 before the price started consolidating losses.
At the moment, the price is just above the 23.6% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. On the upside, there are many hurdles for buyers near the $0.8000 level and the 100 hourly SMA. The $0.8000 level is also around the 50% Fib retracement level of the last decline from the $0.8301 high to $0.7630 low. Moreover, there is a monster contracting triangle pattern forming with support near $0.7600 on the hourly chart of the XRP/USD pair. The triangle resistance at $0.8150 is a crucial barrier for buyers.
Once there is a proper close above the $0.8200 level and the 100 hourly SMA, there could be more gains. On the downside, the $0.7600 and $0.7500 support levels hold a lot of importance. XRP must stay above $0.7500 to avoid further declines.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is attempting to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is rising towards the 50 level.
Major Support Level – $0.7600
Major Resistance Level – $0.8200
Charts courtesy – Trading View