Altcoins Analysis

Ripple Price Technical Analysis – XRP/USD Surges Toward $1.00

Aayush Jindal | December 15, 2017 | 7:30 am
Ripple Price Technical Analysis XRP USD
Altcoins

Ripple Price Technical Analysis – XRP/USD Surges Toward $1.00

Aayush Jindal | December 15, 2017 | 7:30 am

Key Highlights

  • Ripple price is surging higher and it recently moved above the $0.9000 level against the US Dollar.
  • Yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move higher and it will most likely resume uptrend above $0.9000.

Ripple price is rocketing higher against the US Dollar and Bitcoin. XRP/USD is now set for a move towards the $1.00 handle in the near term.

Ripple Price Next Target

There were solid gains in Ripple price as it surged above the $0.8000 level against the US Dollar. The price was able to move above the $0.9000 level as well and traded to new all-time high of $0.9025. It seems like the pair is in a major uptrend above $0.6000 and the current move is only corrective. The best part is the fact that yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair.

There was a dip below the 50% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. However, the downside move was protected by the trend line support and the $0.6000 level. Sellers succeeded in pushing the price lower below $0.8000, but the current price action is only corrective. XRP tested the 61.8% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. It has likely completed the correction and is currently above the $0.7000 level.

Ripple Price Technical Analysis XRP USD

As long as the trend line support remains intact, there can be a retest of $0.9000. A break above $0.9000 would call for a test of $1.00.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone, but recovering.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is once again moving higher toward 65.

Major Support Level – $0.6000

Major Resistance Level – $0.9000

 

Charts courtesy – Trading View, Kraken

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