Ripple Price Technical Analysis – XRP/USD Approaching Breakout




Ripple price is moving in a range against the US Dollar and Bitcoin. XRP/USD is approaching a major break with support near $0.2450.
Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price is trading in a contracting range with support near $0.2440 against the US Dollar.
  • Yesterday’s highlighted short-term contracting triangle with current support near $0.2440 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might soon break the triangle for the next wave either above $0.2550 or below 0.2450.

Ripple price is moving in a range against the US Dollar and Bitcoin. XRP/USD is approaching a major break with support near $0.2450.

Ripple Price Support

There were mostly ranging moves in Ripple price below the $0.2600 and $0.2550 resistance levels against the US Dollar. The price remained well supported above the $0.2450 level and the 100 hourly simple moving average. More importantly, yesterday’s highlighted short-term contracting triangle with current support near $0.2440 is intact on the hourly chart of the XRP/USD pair.

The pair is preparing for the next move with support at $0.2440 and $0.2450. The stated supports are near the triangle lower trend line and the 50% Fib retracement level of the last leg up from the $0.2201 swing low to $0.2672 high. The $0.2440 level is also near the 100 hourly SMA to provide support. On the upside, the triangle resistance is now around the $0.2550 level. A break above the $0.2550 resistance would open the doors for a push above the $0.2600 level.

Ripple Price Technical Analysis XRP USD

Above $0.2600, the next major target for buyers could be the last swing high at $0.2720. On the downside, a break below $0.2440 won’t be easy. Should sellers succeed in clearing $0.2440, the price might dip back towards the last swing low of $0.2200 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is almost flat with no major sign of a short-term break.

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

Major Support Level – $0.2440

Major Resistance Level – $0.2550

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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