Analysis Technical

Ripple Price Technical Analysis – XRP/USD Bullish Breakout

Aayush Jindal | April 19, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Bullish Breakout

Aayush Jindal | April 19, 2018 | 6:30 am

Key Highlights

  • Ripple price surged higher and broke a major resistance near $0.6800 against the US dollar.
  • This week’s contracting triangle with resistance at $0.6800 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded above the $0.7000 and is now placed nicely in a bullish zone.

Ripple price broke to the upside against the US Dollar and Bitcoin. XRP/USD is now positioned nicely for more gains above the $0.7200 level in the near term.

Ripple Price Upside Break

There was an increase in buying interest above the $0.6500 level in Ripple price against the US Dollar. As a result, there was a fresh start of an upside move from the $0.6500 low. The price traded higher and moved above the $0.6600 and $0.6800 resistance levels, which opened the doors for more gains. More importantly, this week’s contracting triangle with resistance at $0.6800 was breached on the hourly chart of the XRP/USD pair.

The pair was also successful in clearing the $0.7000 resistance. It traded above the $0.7300 level and a new intraday high was formed at $0.7380. At the moment, the price is correcting lower towards the $0.7200 level. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.6460 low to $0.7380 high. However, the broken resistance at $0.7000 will most likely act as a strong support. Moreover, the 50% Fib retracement level of the last wave from the $0.6460 low to $0.7380 high is at $0.6925.

Ripple Price Technical Analysis XRP USD

Looking at the chart, there was clearly an upside break above $0.6800. There can be a minor downside correction in the short term towards $0.7000 or $0.6900 before the price resumes its uptrend. On the upside, above $0.7350, the price could test the $0.7500 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower from the 75 level.

Major Support Level – $0.7000

Major Resistance Level – $0.7350

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