Analysis Technical

Ripple Price Analysis: XRP/USD Could Extend Upsides

Aayush Jindal | May 21, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Could Extend Upsides

Aayush Jindal | May 21, 2018 | 6:30 am

Key Highlights

  • Ripple price is slowly on the move and is currently trading above the $0.6800 resistance against the US dollar.
  • There is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently placed nicely in an uptrend and it could extend gains above $0.7100 in the near term.

Ripple price is moving nicely in a positive zone against the US Dollar and Bitcoin. XRP/USD may well rise further above $0.7100 and towards $0.7400.

Ripple Price Trend

There was a decent support base formed near the $0.6500 level in Ripple price against the US Dollar. The price started an upside move and traded above the $0.6600 and $0.6800 resistance levels. The upside move was positive as there was a close above the $0.6800 resistance and the 100 hourly simple moving average. There was even a spike above the $0.7000 level where sellers appeared.

The best part is the fact that the price is now above the 38.2% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. At the moment, there is a crucial ascending channel forming with support at $0.6850 on the hourly chart of the XRP/USD pair. The pair is trading with a positive bias with resistance near the $0.7100 level. It also represents the 61.8% Fib retracement level of the last decline from the $0.7483 high $0.6481 low. The channel resistance is also close to $0.7100. Therefore, a break above $0.7100 won’t be easy.

Ripple Price Analysis XRP USD

Looking at the chart, the price may well move above $0.7100 if it stays inside the channel. A push above the $0.7100 resistance will most likely clear the path for more upsides in XRP towards $0.7300 and $0.7400.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 60 level.

Major Support Level – $0.6850

Major Resistance Level – $0.7100

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.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!