Ripple Price Technical Analysis – XRP/USD Settles above $1.50

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price managed to move further higher and it broke the $1.50 resistance against the US dollar.
  • There is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is placed nicely above the $1.45 and $1.50 levels, and is eyeing further gains.

Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD is gaining pace and it may soon attempt further upsides toward $1.80 and 2.00.

Ripple Price Support

There was a decent recovery initiated in Ripple price from the $0.8905 swing low against the US Dollar. The price traded above the $1.00 and $1.20 resistance levels to initiate a fresh upside move. There was even a break above the 61.8% Fib retracement level of the last major decline from the $1.91 high to $0.89 low. It opened the doors for more gains and the price was able to break the $1.45 and $1.50 resistance levels.

It traded as high as $1.7540 and is currently correcting lower. It is testing the 23.6% Fib retracement level of the last wave from the $0.8905 low to $1.7540 high. Moreover, there is a short-term bullish trend line forming with support at $1.50 on the hourly chart of the XRP/USD pair. The trend line support at $1.50 is also around the 100 hourly simple moving average. Therefore, there is a major support forming at $1.50. As long as the pair is above the $1.50 level, there could be more gains toward $1.75 or above the mentioned level.

Ripple Price Technical Analysis XRP USD

The overall price action remains positive with supports at $1.45 and $1.50.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone, but with very less momentum.

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

Major Support Level – $1.50

Major Resistance Level – $1.75

 

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.


Subscribe to our newsletter



Related Posts