Ripple Price Technical Analysis – XRP/USD Forming Breakout Pattern

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price is placed nicely above the $0.2000 handle against the US Dollar and eyes further gains.
  • There is a contracting triangle forming with support at $0.2040 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is holding the bullish bias and it might attempt an upside break above $0.2100.

Ripple price remains in the bullish zone against the US Dollar and Bitcoin. XRP/USD needs to gather pace above $0.2100 for more gains.

Ripple Price Trend

There were decent gains in Ripple price this week above $0.2000 against the US Dollar. The price is currently placed well in the bullish zone and looks set to break the $0.2100 level sooner or later. It corrected nicely from the $0.1900 swing low and also moved above the 38.2% Fib retracement level of the last leg down from the $0.2240 high to $0.1898 low.

However, the price seems to be finding sellers near the $0.2080 and $0.2100 levels. Moreover, the 50% Fib retracement level of the last leg down from the $0.2240 high to $0.1898 low is preventing further upsides. At present, the price is above the 100 hourly simple moving average and $0.2000. However, it has to move above the $0.2100 level for further gains. Moreover, there is a contracting triangle forming with support at $0.2040 on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

A break above the contracting triangle resistance at $0.2100 would open the doors for more gains. The next stop for buyers could be near $0.2200. On the downside, the $0.2040 level is a major support area. Below $0.2040, the next major support is near the $0.2000 handle.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently struggling to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently heading higher and is above the 50 level.

Major Support Level – $0.2040

Major Resistance Level – $0.2100

 

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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