Analysis Technical

Ripple Price Technical Analysis – Can XRP/USD Continue Higher?

Aayush Jindal | April 4, 2018 | 6:30 am
ripple technical analysis
Analysis

Ripple Price Technical Analysis – Can XRP/USD Continue Higher?

Aayush Jindal | April 4, 2018 | 6:30 am

Key Highlights

  • Ripple price made a nice upside move and traded above the $0.5175 resistance against the US dollar.
  • There is a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points lower, but the $0.5180 and $0.5175 are likely to act as supports.

Ripple price is moving higher with a positive bias against the US Dollar and Bitcoin. XRP/USD is now placed nicely above the resistance turned support at $0.5175.

Ripple Price Trend

There were more gains observed above the $0.5000 level in Ripple price against the US Dollar. The price made a nice upside move and succeeded in breaking a major hurdle near the $0.5175 level. It even traded above the $0.5200 level and tested the $0.5500 resistance zone. At the moment, the price is placed nicely above the $0.5000 level and the 100 hourly simple moving average.

The recent high was formed at $0.5537 before the price started a downside correction. It declined below the 23.6% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high. However, there are many supports on the downside around the $0.5200 level. There is also a new bullish trend line forming with support near the $0.5180 level on the hourly chart of the XRP/USD pair. The same trend line is close to the 50% Fib retracement level of the last leg up from the $0.4813 low to $0.5537 high.

Ripple Price Technical Analysis XRP USD

More importantly, the previous resistance at $0.5175 may now act as a support. On the upside, the price has to move above the $0.5500 level to gain further bullish momentum in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved down and is currently below the 50 level.

Major Support Level – $0.5175

Major Resistance Level – $0.5500

 

Charts courtesy – Trading View

Tags: , , , , , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.