Ripple Price Technical Analysis – XRP/USD Rockets Above $0.40

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price rocketed higher and traded above the $0.40 level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now placed nicely above the $0.3000 handle and eyes more upsides in the near term.

Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD broke $0.4000 and is currently positioned nicely in the bullish zone.

Ripple Price Bullish Trend

There was a nasty upside move in Ripple price above the $0.3000 handle against the US Dollar. The price rocketed higher and broke many resistances such as $0.2450, $0.3000 and $0.3800. The upside was strong and the price was able to move above the $0.4000 level. A new high was formed at $0.4100 from where the price started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high.

However, the price remains well supported above $0.3000. There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high. It was rejected from $0.3200 and is currently moving back higher. The current price action is very positive and it seems like the price will most back above the $0.4000 level in the near term.

Ripple Price Technical Analysis XRP USD

The next major upside target could be $0.5000. On the downside, buyers may take a stand near the $0.3200 and $0.3000 support levels if the price corrects lower.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level and is showing many positive signs.

Major Support Level – $0.3200

Major Resistance Level – $0.4000

 

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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