technical analysis ripple

Ripple Price Analysis: XRP/USD Bullish Above $0.47

Avatar Aayush Jindal 1 year ago

Key Highlights

  • Ripple price traded higher and settled above the $0.4700 resistance against the US dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $0.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is still struggling to move above the $0.4950 and $0.5000 resistance levels.

Ripple price is attempting an upside recovery against the US Dollar and Bitcoin. XRP/USD should break the $0.5000 barrier for accelerate gains in the near term.

Ripple Price Resistance

There was a decent upside move from the $0.4400 swing low in Ripple price against the US Dollar. The XRP/USD pair managed to break the $0.4600 and $0.4700 resistance levels to move into a bullish zone. The upside move was such that the price tested the $0.5000 barrier, but it failed to gain momentum. There was also a failure to break the 50% Fib retracement level of the last decline from the $.5510 swing high to $0.4400 low.

Having said that, yesterday’s highlighted key bearish trend line was breached with resistance at $0.4720 on the hourly chart of the XRP/USD pair. It is a positive sign along with a close above the $0.4700 level. However, the price must break the $0.4950 and $0.5000 resistance levels to extend gains. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.4400 swing low to $0.4935 high. On the downside, the $0.4700 and $0.4650 levels are strong supports. As long as the price is above these, there is a chance of an upside break above $0.5000.

Ripple Price Analysis XRP USD

Looking at the chart, the price may perhaps trade in a range for a few sessions above $0.4650. The next move could be either above $0.5000 or below $0.4650.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.

Major Support Level – $0.4650

Major Resistance Level – $0.5000

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nexo

Instant loans by local bank transfer using your crypto as collateral without selling it. Earn up to 8% interest per year on your Stablecoins & EUR.

Ad
KuCoin

Kucoin is the most trusted crypto exchange with 200 tokens.

Ad
Show comments