Analysis Technical

Ripple Price Analysis: XRP/USD Primed for More Gains

Aayush Jindal | July 17, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Analysis: XRP/USD Primed for More Gains

Aayush Jindal | July 17, 2018 | 6:30 am

Key Highlights

  • Ripple price is surging higher and it recently broke the $0.4500 resistance against the US dollar.
  • There is a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is placed nicely above the $0.4700 support area for more upsides in the near term.

Ripple price gained bullish momentum against the US Dollar and Bitcoin. XRP/USD broke the $0.4500 resistance and it could continue to move higher towards $0.5000.

Ripple Price Upward Move

Yesterday, we discussed about a crucial resistance near $0.4500 in Ripple price against the US Dollar. The XRP/USD pair surged higher recently and managed to break the mentioned $0.4500 barrier. After the break, there was a sharp upward move and the price traded above the $0.4600 and $0.4700 levels. The upside move was strong as the price even broke the $0.4800 resistance.

A high was formed at $0.4833 before the price started consolidating gains. On the downside, an initial support is near the $0.4800 level. There is also a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair. Below the trend line, the 23.6% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high might act as a support near $0.4739. Below this, the price could extend the decline towards the $0.4650 support. An intermediate support is near $0.4680 and the 38.2% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high.

Ripple Price Analysis XRP USD

Looking at the chart, the price is placed nicely in an uptrend above $0.4700. Going forward, it could break the $0.4833 high and make an attempt to surge towards the $0.5000 resistance.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 70 level.

Major Support Level – $0.4700

Major Resistance Level – $0.4850

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.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.