Altcoins Analysis

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

Aayush Jindal | December 4, 2017 | 7:30 am
Ripple Price Technical Analysis XRP USD
Altcoins

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

Aayush Jindal | December 4, 2017 | 7:30 am

Key Highlights

  • Ripple price is well supported above the $0.2400 and $0.2450 support levels against the US Dollar.
  • There is a short-term contracting triangle forming with support near $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might soon make the next move either above $0.2600 or below $0.2450 in the near term.

Ripple price is placed well in the bullish zone against the US Dollar and Bitcoin. XRP/USD might soon accelerate higher if it manages to break $0.2600.

Ripple Price Resistance

It was a decent price action in Ripple price above the $0.2400 support against the US Dollar. The price started a nice upside move from the $0.2200 swing low and moved above the $0.2400 resistance. It traded as high as $0.2670 where it faced sellers and later started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $0.2200 swing low to $0.2670 high.

However, the downside move is limited by the $0.2400 and $0.2450 support levels. Moreover, the 50% Fib retracement level of the last wave from the $0.2200 swing low to $0.2670 high is acting as a support. At the moment, the price is placed well above $0.2400 and the 100 hourly simple moving average. It seems like a short-term contracting triangle forming with support near $0.2450 on the hourly chart of the XRP/USD pair. The triangle support near $0.2450 is important since it is close to the 100 hourly simple moving average.

Ripple Price Technical Analysis XRP USD

As long as the pair is above the $0.2450 support and the 100 hourly SMA, it remains well placed in the bullish zone. It might soon attempt an upside break above $0.2600 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD might soon move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher toward the 50 level.

Major Support Level – $0.2450

Major Resistance Level – $0.2600

 

Charts courtesy – Trading View, Kraken

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!