Ripple price is gaining pace above the $1.30 support against the US Dollar, similar to bitcoin. XRP price must clear $1.365 to continue higher towards $1.42.
Ripple Price Analysis
Ripple price saw a steady increase from the $1.05 support zone against the US Dollar. The XRP/USD pair broke the key $1.20 resistance and the 55 simple moving average (4-hours) to move into a positive zone.
The price even climbed above the $1.25 and $1.30 resistance levels. There was also a break above a major bearish trend line with resistance near $1.245 on the 4-hours chart of the XRP/USD pair. The pair settled above the $1.30 level.
There was a clear break above the 76.4% Fib retracement level of the downward move from the $1.303 high to $1.050 low. It is now trading near the $1.365 resistance zone.
The 1.236 Fib extension level of the downward move from the $1.303 high to $1.050 low is also near $1.365. A close above the $1.365 could set the pace for more gains. The next major resistance is near the $1.40 level. Any more gains could lead the price towards the $1.45 level.
On the downside, an initial support is near the $1.32 level. The next major support is near the $1.30 level. Any more losses could lead the price towards the $1.22 level and the 55 simple moving average (4-hours). The next major support below the $1.22 level is near the $1.20 level.
Looking at the chart, ripple price is now trading well above $1.30 and the 55 simple moving average (4-hours). Overall, the price could continue to rise once it clears the $1.365 resistance zone in the near term.
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.
Key Support Levels – $1.32, $1.30 and $1.25.
Key Resistance Levels – $1.365 and $1.400.
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