- Ripple price continues to trade in a range above the $0.1960 support against the US Dollar.
- Yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains in a tight range and looking for the next move, probably above $0.2040.
Ripple price is moving inside a range against the US Dollar and Bitcoin. XRP/USD must stay above $0.1960 to gain further traction in the near term.
Ripple Price Range
We saw the start of a consolidation phase in Ripple price below the $0.2050 resistance against the US Dollar. The price remained in the range pattern and was not able to move above the $0.2050 resistance. Moreover, yesterday’s highlighted major channel with current support at $0.1965 is still active on the hourly chart of the XRP/USD pair.
On the upside, the channel resistance is currently at $0.2040. The mentioned $0.2040 also coincides with the 38.2% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low. A proper close above $0.2040 is required for buyers to gain momentum. The next major resistance is around the 50% Fib retracement level of the last leg down from the $0.2165 high to $0.1966 low at $0.2067. A close above $0.2067 would take the price back towards the last swing high at $0.2165.
On the downside, an initial support is around $0.2010 and the 100 hourly simple moving average. However, the most important support remains at $0.1960 and $0.1950. As long as XRP is above $0.1960, there are chances of an upside break above $0.2040. Overall, $0.1960 can be considered as a decent buy zone in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is flat with signs of a range pattern.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.
Major Support Level – $0.1960
Major Resistance Level – $0.2040
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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