Ripple Price (XRP) Eyes Fresh Weekly High: Bitcoin Breaks $12.5K
- Ripple price remained in a positive zone and traded higher from $0.3860 against the US dollar.
- The price is now trading well above the $0.4000 level and it could continue to rise in the near term.
- Yesterday’s highlighted major bullish trend line is intact with support near $0.4010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to break the last swing high near $0.4108 and it could even surge above $0.4200.
Ripple price is gaining bullish momentum above $0.4000 against the US Dollar, while bitcoin is surging above $12,500. XRP price might soon break the $0.4100 and $0.4200 resistances.
Ripple Price Analysis
Recently, bitcoin price started a strong rally and broke the $12,000 and $12,500 resistance levels. Ripple price also remained in a positive zone and it started a decent rise after forming a swing low near $0.3860. There was a steady rise above the $0.3920 and $0.3950 resistance levels. Moreover, the price broke the 50% Fib retracement level of the last slide from the $0.4110 swing high to $0.3860 low.
The price is now trading well above the $0.4000 level and the 100 hourly simple moving average. More importantly, yesterday’s highlighted major bullish trend line is intact with support near $0.4010 on the hourly chart of the XRP/USD pair. The pair is trading near the 76.4% Fib retracement level of the last slide from the $0.4110 swing high to $0.3860 low.
It seems like the bulls may soon clear the $0.4080 and $0.4100 resistance levels. Moreover, there are high chances of a fresh high above the $0.4110 swing high. The next major resistance is near the $0.4220 level, above which ripple price is likely to climb towards the $0.4400 or $0.4500 level in the near term. Conversely, if there is a downside correction, the price could find bids near $0.4020 or $0.4010 level.
The main support is near the chancel support and $0.4000. If there is a successful close below the $0.4000 support, the price might decline towards the $0.3920 support or the 100 hourly simple moving average.
Looking at the chart, ripple price is clearly climbing with a positive angle above $0.4000. The current rise in BTC/USD above $12,500 is likely to lift the market sentiment. Therefore, there are high chances of more gains in XRP above the $0.4100 and $0.4120 levels in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 60 level, with a bullish angle.
Major Support Levels – $0.4050, $0.4010 and $0.3920.
Major Resistance Levels – $0.4110, $0.4200 and $0.4220.
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Aayush Jindal, Khareem Sudlow