Ripple price extended gains and moved above the $0.8500 level before correcting lower against the US dollar.
There is a key bullish trend line forming with support at $0.7900 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently correcting lower and it will most likely find support near the $0.7900-0.8000 zone.
Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD is now placed well in a bullish zone above the $0.7500 level.
Ripple Price Trend
There was a strong upside move noted in Ripple price from the $0.7000 swing low against the US Dollar. The price moved sharply higher and cleared many sell zones on the way up such as $0.7500 and $0.8000. It even moved above the $0.8500 level and traded to a new monthly high at $0.8629. Later, the price faced a tiny resistance around $0.8600, which resulted in the start of a downside correction.
It is currently trading near the 23.6% Fib retracement level of the last upside wave from the $0.7010 low to $0.8629 high. However, there are many supports on the downside near the $0.8000 level. There is also a key bullish trend line forming with support at $0.7900 on the hourly chart of the XRP/USD pair. Moreover, the 38.2% Fib retracement level of the last upside wave from the $0.7010 low to $0.8629 high is close to the trend line support. Therefore, the $0.7900-0.8000 zone is likely to act as a major buy area in the near term.
Looking at the chart, the price remains in a decent bullish trend above $0.7500. If there is an extended correction from the current level, then there could be a strong buying interest around $0.7900. On the upside, a break above $0.8600 could push the price towards $0.9000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower from the 80 level.
Major Support Level – $0.7900
Major Resistance Level – $0.8600
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