Analysis Technical

Ripple Price Analysis: XRP/USD Poised To Break $0.70

Aayush Jindal | June 7, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Poised To Break $0.70

Aayush Jindal | June 7, 2018 | 6:30 am

Key Highlights

  • Ripple price made a nice upside move from the $0.6500 pivot level against the US dollar.
  • There is a crucial ascending channel forming with support near $0.6650 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is placed nicely in an uptrend and it could continue to move higher above $0.7000 in the near term.

Ripple price is gaining upside momentum against the US Dollar and Bitcoin. XRP/USD is likely to break the $0.7000 resistance in the near term.

Ripple Price Support

There were decent bullish moves above $0.6500 in Ripple price during the past three sessions against the US Dollar. The price settled above a few important resistances such as $0.6600 and $0.6650 to set the pace for more gains. It also succeeded in settling above the 61.8% Fib retracement level of the last drop from the $0.7030 swing high to $0.6340 swing low.

The current price action suggests more gains above $0.6700 since the 100 hourly simple moving average is placed with a bullish angle. An upside break above the $0.6900 level could open the doors for a break above the $0.7000 barrier. An intermediate resistance is near the 76.4% Fib retracement level of the last drop from the $0.7030 swing high to $0.6340 swing low. If the price moves down, it may perhaps find support near $0.6600. There is also a crucial ascending channel forming with support near $0.6650 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP USD

Looking at the chart, the price is following a bullish channel with high chances of a break above $0.7000. Above this, the price might trade to $0.7200. On the downside, there are many supports above $0.6500 and the 100 hourly SMA.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving nicely above the 55 level.

Major Support Level – $0.6650

Major Resistance Level – $0.6900

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