Ripple Price Technical Analysis – XRP/USD Breaks Key Hurdle

Key Highlights

  • Ripple price is gaining pace and it recently moved above the $0.2050 resistance against the US Dollar.
  • Yesterday’s highlighted new bearish trend line with resistance at $0.2038 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might continue to trade higher towards $0.2100 and $0.2150 in the near term.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD broke $0.2050 and is currently looking to extend gains.

Ripple Price Support

We recently saw the start of range trading below the $0.2050 resistance in Ripple price against the US Dollar. The price remained above the $0.1960 support and later succeeded in gaining pace. It traded higher and broke the $0.2000 and $0.2025 resistance levels. The best part was a close above the 23.6% Fib retracement level of the last drop from the $0.2175 high to $0.1970 low.

Buyers also succeeded in clearing strong offers near $0.2050 and the 100 hourly simple moving average. Moreover, yesterday’s highlighted new bearish trend line with resistance at $0.2038 was broken on the hourly chart of the XRP/USD pair. The pair is currently moving higher and will most likely test the 50% Fib retracement level of the last drop from the $0.2175 high to $0.1970 low. Buyers are currently gaining momentum and if they remain in control, the price could even test the $0.2150 level.

Ripple Price Technical Analysis XRP USD

An intermediate resistance is near $0.2100. On the downside, the 100 hourly SMA at $0.2030 is a decent support and a buy zone. Should, there be a break below $0.2030, the price might retest $0.2000. Overall, XRP is back in the positive zone and eyeing $0.2100 and $0.2150 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 60 level.

Major Support Level – $0.2030

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.

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Source: Newsbtc

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