Ripple Price Technical Analysis – XRP/USD Remains Buy on Dips 2017-12-28

Aayush Jindal

7 years ago

2 mins read

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Key Highlights

Ripple price is moving higher and it recently broke the $1.15 resistance area against the US Dollar.
There is a key bullish trend line forming with support at $1.1000 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might a few points on the downside and test the $1.1000 support area in the near term.

Ripple price is placed nicely in the positive area against the US Dollar and Bitcoin. XRP/USD remains buy on dips near the $1.10 and $1.05 support levels.

Ripple Price Trend

There was an extension to the last bullish wave above $1.1000 in Ripple price against the US Dollar. The price traded above the $1.2500 resistance level and moved towards the $1.3000 level. A high was formed at $1.3013 from where a downside correction was initiated. It has moved below the 23.6% Fib retracement level of the last wave from the $0.8650 low to $1.3013 high.

There is a decent trend formed above the $1.0000 level and the price remains in the bullish zone. On the downside, there is a key bullish trend line forming with support at $1.1000 on the hourly chart of the XRP/USD pair. The trend line support at $1.1000 is very crucial since it is a major pivot. The 50% Fib retracement level of the last wave from the $0.8650 low to $1.3013 high is also around the trend line. Below the trend line support at $1.1000, the 100 hourly simple moving average is positioned at $1.0200. If there is an extension to the current correction, then the pair might test the $1.1000 support area.

Overall, it remains in the bullish zone above $1.0000. Any major dips remain support above $1.0000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently testing the 50 level.

Major Support Level – $1.1000

Major Resistance Level – $1.3000

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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