There were further gains above the $0.8000 level in Ripple price against the US Dollar. The price moved above the $0.8500 and $0.9000 levels to trade to a new monthly high at $0.9408. Later, a minor downside correction was initiated and the price moved below the $0.8500 support. It traded as low as $0.8084 where it found buyers and declines were protected. It recovered and moved above the 50% Fib retracement level of the last drop from the $0.9408 high to $0.8084 low.
However, the upside recovery was protected by the $0.9100 level. Moreover, the 76.4% Fib retracement level of the last drop from the $0.9408 high to $0.8084 low acted as a hurdle. There was no break above the last swing high of $0.9408 and the price moved down. At the moment, there is a tiny connecting bearish trend line forming with resistance at $0.8800 on the hourly chart of the XRP/USD pair. As long as the pair is below the $0.8800 resistance, it may correct further in the near term.
Looking at the chart, it seems like the price is well supported above the $0.8000 level. Therefore, the current correction could complete soon and the price will most likely break $0.9000 to resume uptrend.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $0.8000
Major Resistance Level – $0.8800