Key Highlights
- Ripple price traded higher intraday against the US dollar, and it looks set for more gains moving ahead.
- There was a bearish trend line formed on the hourly chart of Ripple price (provided as CoinGecko), which was broken to open the doors for the bulls.
- On the upside, there is a major resistance near $0.007975, which may stall upsides in the near term.
Ripple price gained during the past couple of sessions as buyers were in control, and it looks like the bulls are not done yet.
Ripple Price – More Gains?
Ripple price after struggling to move higher finally found buyers and started to move higher. There was a nice upside move, taking the price towards the $0.007975 level. There were a couple of attempts to break the stated level, but buyers failed. As a result, the price corrected lower to trade near $0.007925 where it found buyers once again.
The price is now trading back higher and also managed to clear a bearish trend line formed on the hourly chart of Ripple price (provided as CoinGecko). The recent break looks positive, and may help the bulls to take the price further higher in the near term. On the upside, the most important resistance is around the last swing high of $0.007925. A break above is needed for more upsides in the short term.
On the downside, an initial support is around $0.007925, which is also around the 23.6% Fib retracement level of the last leg from the $0.007833 low to $0.007950 high. Any further downsides may push the price towards the 50% Fib retracement level of the last leg from the $0.007833 low to $0.007950 high.
Looking at the indicators:
Hourly MACD – The MACD is in the bearish zone, which is a contradicting sign.
Hourly RSI – The RSI is attempting to close above the 50 level, which may encourage buyers.
Intraday Support Level – $0.007925
Intraday Resistance Level – $0.007950
Charts Courtesy: Coingecko