Ripple Price Technical Analysis – XRP/USD Back above $0.2000

Key Highlights

  • Ripple price surged higher and broke the $0.2000 resistance against the US Dollar.
  • There are two bullish trend lines forming with support at $0.2050 and $0.1900 on the hourly chart of XRP/USD (data source from Kraken).
  • The price might continue to gain pace and could even break the $0.2150 resistance.

Ripple price rocketed higher against the US Dollar and Bitcoin. XRP/USD is now above $0.2000 and looking to extend gains in the near term.

Ripple Price Uptrend

In yesterday’s analysis, we discussed the chances of Ripple price breaking the $0.2000 resistance against the US Dollar. The price gained a lot of strength recently and was able to move above the $0.2000 resistance. It also broke the $0.2100 resistance and traded as high as $0.2150. At the moment, the price is correcting lower towards $0.2080. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high.

Moreover, there are two bullish trend lines forming with support at $0.2050 and $0.1900 on the hourly chart of XRP/USD. The first trend line support is above the 38.2% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high. Therefore, buyers might take a stand near $0.2050. If the price remains above $0.2050, it would resume its uptrend.

Ripple Price Technical Analysis XRP USD

A break above the $0.2150 is possible in the near term. The next upside hurdle could be around the $0.2200 level, which is a pivot zone. On the downside, if the $0.2050 support fails to hold, the next major support is at $0.1950. The $0.1950 support is also the 61.8% Fib retracement level of the last wave from the $0.1815 low to $0.2150 high. Overall, buying dips towards $0.2050 or $0.2000 can be considered in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting from the overbought levels.

Major Support Level – $0.2050

Major Resistance Level – $0.2150

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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