Ripple Price Technical Analysis – XRP/USD to Move Higher?

Key Highlights

  • Ripple price is back in the range above the $0.1960 support zone against the US Dollar.
  • There is a bearish trend line forming with resistance at $0.1990 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might soon break $0.2000 to trade towards $0.2050 or even $0.2100.

Ripple price is back trading in a range against the US Dollar and Bitcoin. XRP/USD might attempt an upside break above $0.2000 in the near term.

Ripple Price Resistance

After a test of the $0.2200 level, there was a downside reaction in Ripple price against the US Dollar. The price traded below the $0.2100 support and moved below the 38.2% Fib retracement level of the last leg up from the $0.1800 low to $0.2200 high. However, the downside move was protected by the all-important $0.1980-0.1960 support area.

Moreover, the 50% Fib retracement level of the last leg up from the $0.1800 low to $0.2200 high also acted as a support. At present, the price is trading in a familiar range above the $0.1950 support area and flirting with the 100 hourly simple moving average. On the upside, there is a bearish trend line forming with resistance at $0.1990 on the hourly chart of the XRP/USD pair. A break above the trend line resistance is required for a move towards $0.2050.

Ripple Price Technical Analysis XRP USD

However, if buyers remain in control, there can be an upside extension towards the $0.2100 level as well. On the downside, the $0.1980 and $0.1960 levels are important supports. Furthermore, the $0.1950 level is a crucial pivot and buy zone. As long as the price is above $0.1960, there can be an upside break soon.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.

Major Support Level – $0.1960

Major Resistance Level – $0.2000

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.

Let’s block ads! (Why?)

Source: Newsbtc

loading...