Key Highlights

Ripple price made a solid upside move and traded above the $0.5500 and $0.6000 resistances against the US dollar.

There is a short-term contracting triangle forming with resistance at $0.6300 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair may correct lower in the short term towards $0.6100 or $0.6000 before resuming its uptrend.

Ripple price surged higher and broke many barriers against the US Dollar and Bitcoin. XRP/USD is now placed nicely above $0.6000 and is eyeing more gains.

Ripple Price Upside Move

Finally, there was a solid upside wave initiated from well below $0.5000 in Ripple price against the US Dollar. The price gained bullish momentum and moved above the $0.5000 and $0.5500 resistance levels. The upside move was very strong and buyers were successful in pushing the price above the $0.6000 level. A high was formed at $0.6667 before the price started a short term correction.

It declined below the 23.6% Fib retracement level of the last wave from the $0.5569 low to $0.6667 high. However, the downside move was contained by the $0.61000 support area. Moreover, the 50% Fib retracement level of the last wave from the $0.5569 low to $0.6667 high also acted as a support. At the moment, it seems like there is a short-term contracting triangle forming with resistance at $0.6300 on the hourly chart of the XRP/USD pair. The pair may trade in a range above the $0.6100 support before it makes the next move.

A break above the $0.6300 level could open the doors for an upside move above $0.6500. Further above $0.6500, the price may continue to move higher and it could even break the $0.6600 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower toward the 60 level.

Major Support Level – $0.6100

Major Resistance Level – $0.6300

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source

Author: Aayush Jindal

Image Credit

Charts courtesy – Trading View

Like this: Like Loading...