Ripple price is rising from the $0.8980 low against the US Dollar. XRP/USD is currently trading above $1.10, but it is facing a major resistance.
Key Talking Points
- Ripple price is currently facing a major resistance near the $1.15 level against the US Dollar.
- There is a rising channel forming with current support at $1.02 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- A break above the $1.15 level is needed for buyers to gain bullish momentum.
Ripple Price Forecast
After a major upside move above $1.21, Ripple price found sellers against the US Dollar. The XRP/USD pair corrected lower and traded below the $1.00 support area. It also breached the 23.6% Fib retracement level of the last wave from the $0.5645 low to $1.2301 high.
The downside move was aggressive as the price moved below the $0.9800 support area. However, buyers appeared around $0.8980 and prevented declines. Moreover, the 50% Fib retracement level of the last wave from the $0.5645 low to $1.2301 high was tested.
The price remained well above the $0.9000 level and the 100 simple moving average (2-hours). It has recovered well and moved back above the $1.00 level.
More importantly, there was a break above the $1.08 and $1.10 resistance levels. At the moment, the price is trading near the $1.15 level, which is a strong resistance. There is also a rising channel forming with current support at $1.02 on the 2-hours chart of the XRP/USD pair.
The pair is currently trading near the channel resistance and is struggling to move above $1.15. A break above the $1.15 resistance is needed for buyers to push the price above $1.20.
Once there is a break above the $1.20 level, the price could even attempt to break the last swing high at $1.23. On the downside, there are many supports such as $1.08 and $1.05. Any further declines could put a lot of pressure on the $1.00 support in the near term.
Trade safe traders and do not overtrade!
Source: Read Full Article