- Ripple price traded towards the $0.1850 support against the US Dollar and started a recovery.
- Yesterday’s highlighted short-term bearish trend line with resistance at $0.1950 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might continue to move higher and remains supported on dips near $0.1950.
Ripple price has started an upside move against the US Dollar and Bitcoin. XRP/USD is recovering and showing bullish signs above $0.1950.
Ripple Price Bounces Back
We saw a major decline during the past few days in Ripple price towards $0.2000 against the US Dollar. The price even broke the $0.2000 support, which ignited further declines. However, the decline was protected by the $0.1850 support, which held the downside. There were strong bids around $0.1850, which ignited an upside move above $0.1900.
Buyers were able to move the price above the 23.6% Fib retracement level of the last decline from the $0.2250 high to $0.1852 low. The best part was a break above yesterday’s highlighted short-term bearish trend line with resistance at $0.1950 on the hourly chart of the XRP/USD pair. At the moment, the price is above the $0.2000 handle and the 100 hourly simple moving average. These are positive signs and might take the price towards the $0.2200 level.
An immediate resistance is near the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1852 low at $0.2070. A close above $0.2070 would signal a nice upside move towards $0.2200. On the downside, the broken resistance at $0.1950 would act as a support in the short term. The most important support and buy zone is at $0.1850.
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 reaching the overbought levels.
Major Support Level – $0.1950
Major Resistance Level – $0.2200
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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