Ripple Price Technical Analysis – XRP/USD Gaining Pace

Key Highlights

  • Ripple price extended its gains and moved above the $0.1900 level against the US Dollar.
  • There is a key bullish trend line with support at $0.1850 forming on the hourly chart of XRP/USD (data source from Kraken).
  • The price is currently correcting lower, but remains supported on the downside above $0.1800.

Ripple price is gaining bullish momentum against the US Dollar and Bitcoin. XRP/USD might continue to gain pace and could even retest $0.2000.

Ripple Price Support

Buyers stepped up the control as Ripple price managed to move above the $0.18500 resistance against the US Dollar. The price traded with a positive bias and traded above the $0.1900 level. A high was formed near $0.1940 from where the price started a downside correction. During the downside move, the price broke the 38.2% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high.

However, the downside move was protected by the $0.1880 level. The 50% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high also acted as a support and prevented further declines. On the downside, there is a key bullish trend line with support at $0.1850 forming on the hourly chart of XRP/USD. If the pair declines further, the trend line support at $0.1850 might come into action. The trend line support is also near the 61.8% Fib retracement level of the last wave from the $0.1810 low to $0.1940 high.

Ripple Price Technical Analysis XRP USD

If the price stays above the $0.1850 level today, there is a chance of it moving back towards $0.1950. It might even break $0.1950 to test the all-important $0.2000 resistance zone.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved away from the overbought levels.

Major Support Level – $0.1850

Major Resistance Level – $0.1950

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source:Read the official page


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