- XRP/USD is trading higher highs and higher lows within an ascending channel.
- XRP/USD has retreated to $0.3233 but bullish momentum is building towards the initial resistance at $0.3250.
Ripple spiked alongside other major digital assets like Bitcoin, Ethereum and Bitcoin Cash. The second largest altcoin beat the odds to trade above key resistance levels and for the first time in May trade above $0.3200. In fact, looking at the hourly chart, we see the price trading higher highs and higher lows within an ascending channel.
You might also be interested: Ripple (XRP) Price Prediction: x3 ($1.0) by the end of 2019?
XRP/USD 1-hour chart
The losses in the last week of April found solace at $0.28257 (on Coinbase). An upward movement from this support could not make headway past the confluence of the 61.8% Fib retracement level with the last drop from $0.32731 to a low of $0.2825 and the 200 Simple Moving Average (SMA) 1-hour. However, all the dips from the resistance zone were protected at the 38.2% Fibonacci level. In addition to the Fib level support, the ascending trendline of the rising channel functioned as a barrier to declines and a rebound wall to the declines.
A resurgence of the bullish pressure on April 29 and April 30 saw the price correct above the 200 SMA and test levels above $0.3250 before correcting lower. Unlike many assets on the market, Ripple kicked off the month of May in declines testing support at $0.3150 before resuming the uptrend in a flash rise on Friday 3 where it formed a high around $0.32668.
Looking at the chart, XRP/USD has retreated to $0.3233 but bullish momentum is building towards the initial resistance at $0.3250. Notably, technical analysis shows the bulls being in charge although we cannot ignore the present bear pressure. A trendline connecting the dips of the Relative Strength Index (RSI) shows that the bullish trend is getting stronger. Besides, the indicator is at 62.63 while still moving north. If the buyers manage to take the price above $0.3300 in the short-term, they will bring $0.4000 in sight, in turn, increasing confidence in the uptrend.
Ripple Key Technical Indicators
200 SMA 1-hour: Making confluence with the 61.8% Fib level at $0.3100.
RSI 1-hour: Trending upwards at 62.63 (shows growing bullish strength).
Trend: Bullish short-term and Bullish long-term.
Support levels: $0.3200, $0.3150, $0.3100, $0.3000 and $0.28257.
Resistance: $0.32689, $0.32731, $0.3300, $0.3500 and $0.4000.