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

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price made a nice upside move and traded above the $0.2750 resistance against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting lower, but downsides remain limited by the $0.2600 support area.

Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD remains buy on dips near the $0.2600 and $0.2500 levels in the near term.

Ripple Price Trend

There were decent gains in Ripple price as it was able to move above the $0.2600 resistance against the US Dollar. The upside move was strong and the price even broke the $0.2700 and $0.2750 resistance levels. It traded close to the $0.2800 level and later started a downside correction. The price has moved below the 23.6% Fib retracement level of the last upside wave from the $0.2320 low to $0.2800 high.

However, the downside move remains supported above the $0.2600 handle. There is a new connecting bullish trend line forming with support at $0.2600 on the hourly chart of the XRP/USD pair. Moreover, the 38.2% Fib retracement level of the last upside wave from the $0.2320 low to $0.2800 high is also a good support. As long as the pair is above $0.2600, the downside action remains limited. The next important support and buy zone is around the $0.2500 level.

Ripple Price Technical Analysis XRP USD

On the upside, the pair faces resistance near $0.2750. Above the mentioned $0.2750, the next important resistance is around $0.2800. The overall trend is positive and the price is likely to continue higher towards $0.2800 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved in the bearish zone, but only as a part of correction.

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

Major Support Level – $0.2600

Major Resistance Level – $0.2750

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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