Analysis Crypto

Ripple Price Technical Analysis – XRP/USD Approaching Breakout

Aayush Jindal | December 5, 2017 | 7:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Approaching Breakout

Aayush Jindal | December 5, 2017 | 7:30 am

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

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