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- The ripple price is still up more than 15% today and it 's recently broken 0.420 USD against the US dollar.
- The price exceeded the level of $ 0.4300 and reached a new peak of 2019 close to the level of $ 0.4480.
- A major ascending channel is formed with support close to US $ 0.4080 on the hourly chart of the XRP / USD pair (Kraken data source).
- The pair remains in a significant uptrend and could continue upward to around $ 0.4600 or $ 0.5000.
Wave prices remained in a strong uptrend and rose against the US dollar and bitcoin. The XRP is set above the level of 0.4200 USD and is likely to accelerate above 0.4500 USD.
Ripple price analysis
Yesterday, we witnessed the beginning of a sharp rise in prices, beyond the resistance of 0.3500 USD against the US dollar. The XRP / USD pair has broken many resistance near the $ 0.3800 level and is well above the simple moving average at 100 hours. The pair is up more than 40% over the last three days and has recently crossed the $ 0.4000 resistance threshold. The upward movement was strong as the price erased the resistance by $ 0.4200. A new peak of 2019 was formed near the level of $ 0.4480 and the price is currently in a strong upward trend.
It tests the Fib retracement level of 23.6% of the recent wave, dropping from the low of $ 0.3754 at the highest to $ 0.4482. On the other hand, there are many supports close to the $ 0.4220 and $ 0.4180 levels. There is also a large ascending channel in formation with support close to US $ 0.4080 on the hourly chart of the XRP / USD pair. Channel support is close to the Fib retracement level of 50% of the recent wave, from the low of $ 0.3754 to the high of $ 0.4482. Therefore, in the event of a downward correction, the price could find support around $ 0.4200 or $ 0.4100.
On the upside, a break above the channel resistance could push the price above $ 0.4500. The next key resistance is close to 0.4600 USD, above which the price should accelerate to reach the level of 0.4800 USD. In the best case, the bulls could even aim for the level of $ 0.5 000 for the next three sessions.
Looking at the chart, the cashing price is placed in a strong uptrend above $ 0.4200 and $ 0.4100. If the price starts a major downtrend, there are chances for a break below $ 0.4000. The main support is around 0.3740 USD, where bulls might appear. Overall, the price should remain strong and trade around $ 0.4800 or even $ 0.5000.
Technical indicators
Hourly MACD – The MACD for XRP / USD is currently highly positioned in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently close to level 70, with a flat structure.
Key support levels – 0.4200 USD, 0.400 USD and 0.4080 USD.
Main resistance levels – 0.4500 USD, 0.4600 USD and 0.4800 USD.
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