Ripple Price Technical Analysis – XRP/USD Remains Buy on Dips

Key Highlights

  • Ripple price surged higher recently and traded above $0.2600 against the US Dollar.
  • There is a crucial bullish trend line forming with support at $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains supported on the downside near the $0.2500 and $0.2450 support levels.

Ripple price extended upsides against the US Dollar and Bitcoin. XRP/USD is in the bullish zone and remains buy on dips near $0.2450.

Ripple Price Support

The upside ride in Ripple price continued over the weekend above the $0.2500 level against the US Dollar. The price traded above the $0.2500 and $0.2700 resistance levels. A high was formed above $0.2800 before a correction wave was initiated. The price has already breached the 23.6% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high. At the moment, the price is attempting a downside break of a short-term bullish trend line at $0.2640.

The next important support is close to the 50% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high at $0.2560. Moreover, there is a crucial bullish trend line forming with support at $0.2450 on the hourly chart of the XRP/USD. An intermediate support is around the 61.8% Fib retracement level of the last wave from the $0.2330 low to $0.2800 high at $0.2510.

Ripple Price Technical Analysis XRP USD

Overall, there are many supports above the $0.2450 level. A dip from the current levels can be seen as buying opportunity near $0.2500 and $0.2450. On the upside, the recent high of $0.2800 is a major resistance. Above $0.2800, the next crucial hurdle for buyers is near $0.3000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 50 level.

Major Support Level – $0.2500

Major Resistance Level – $0.2800

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