Analysis Technical

Ripple Price Technical Analysis – XRP/USD Grinding Higher

Aayush Jindal | February 15, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Grinding Higher

Aayush Jindal | February 15, 2018 | 6:30 am

Key Highlights

  • Ripple price is gaining momentum and is currently trading above the $1.0500 support against the US dollar.
  • There is an ascending channel forming with support at $1.0000 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair may continue to rise in the short term towards the $1.12 and $1.15 levels.

Ripple price is slowly gaining upside momentum against the US Dollar and Bitcoin. XRP/USD could continue to rise and it may even test the $1.15 level.

Ripple Price Upside Move

There are decent bullish signs above $0.9500 in Ripple price against the US Dollar. The price started a slow and steady rise from the $0.9190 low and moved above the $0.9500 and $1.0000 resistance. It was successful in breaking the 50% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. It cleared the path for more gains and the price was able to move above the $1.05 resistance.

It recently tested the $1.09 and $1.10 resistance levels where the upside move paused. The main reason was the 76.4% Fib retracement level of the last decline from the $1.1755 high to $0.8398 low. Buyers failed to push the price above the $1.10 and later a consolidation phase was initiated. It seems like there is an ascending channel forming with support at $1.0000 on the hourly chart of the XRP/USD pair. The channel resistance is also near $1.10 and it acted as a barrier for more upsides.

Ripple Price Technical Analysis XRP USD

On the upside, a break above the $1.10 level could push the price towards the last high of $1.17. On the downside, the price remains supported above the $1.00 and $0.90 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

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

Major Support Level – $0.9500

Major Resistance Level – $1.1000

 

Charts courtesy – SimpleFX

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