Analysis Technical

Ripple Price Analysis: XRP/USD Poised to Extend Gains

Aayush Jindal | June 19, 2018 | 6:30 am
ripple technical analysis
Analysis

Ripple Price Analysis: XRP/USD Poised to Extend Gains

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

Key Highlights

  • Ripple price formed a major low near the $0.5100 level and bounced back against the US dollar.
  • Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair tested the $0.5500 resistance zone and is currently correcting lower.

Ripple price is back with positive moves against the US Dollar and Bitcoin. XRP/USD is now well supported above the $0.5300 level and the 100 hourly SMA.

Ripple Price Trend

There was a key support formed around the $0.5100 level in Ripple price against the US Dollar. The price formed a low at $0.5100 and started a nice upside move. It jumped above the $0.5200 resistance and cleared a few sell zones. During the upside move, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5650 swing high to $0.5100 low.

Moreover, yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5400 level and the 100 hourly simple moving average. There was a test of the $0.5500 resistance zone where sellers appeared. A high was formed at $0.5523 before the price started a downside correction. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high. On the downside, there are many supports near the $0.5300 level and the 100 hourly SMA.

Ripple Price Analysis XRP USD

Looking at the chart, the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high at $0.5311 is a decent support. Therefore, if the price continues to move down, it is likely to find bids near the $0.5300 level.

Looking at the technical indicators:

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

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

Major Support Level – $0.5300

Major Resistance Level – $0.5520

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