Analysis Technical

Ripple Price Analysis: XRP/USD Eyeing Upside Break above $0.4650

Aayush Jindal | July 23, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Eyeing Upside Break above $0.4650

Aayush Jindal | July 23, 2018 | 6:30 am

Key Highlights

  • Ripple price found support near the $0.4300 level and recovered a few points against the US dollar.
  • There was a break above major connecting bearish trend line with resistance at $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently attempting an upside break above $0.4620 the 100 hourly simple moving average.

Ripple price is trading with a positive bias against the US Dollar and Bitcoin. XRP/USD must break $0.4620 and $0.4650 to accelerate higher in the near term.

Ripple Price Resistance

This past week, there was a sharp decline in Ripple price from well above the $0.5000 level against the US Dollar. The XRP/USD pair declined and cleared the $0.4600 and $0.4500 support levels. There was also a close below the $0.4500 level and the 100 hourly simple moving average. The price traded as low as $0.4292 before buyers took a stand and protected more losses.

Later, the price started an upside move and traded above the $0.4400 level. There was also a break above a major connecting bearish trend line with resistance at $0.4500 on the hourly chart of the XRP/USD pair. The pair moved above the 23.6% Fib retracement level of the last decline from the $0.5204 high to $0.4292 low. However, the pair faced a strong resistance near $0.4620 and the 100 hourly SMA. Moreover, the 38.2% Fib retracement level of the last decline from the $0.5204 high to $0.4292 low also prevented upsides.

Ripple Price Analysis XRP USD

Looking at the chart, the price is currently trading in a range below the $0.4620 resistance. To recover further, the price has to break the $0.4620 resistance and the 100 hourly SMA. The next major hurdle is at $0.4650, above which the price is likely to move towards the $0.5000 level.

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 positioned above the 50 level.

Major Support Level – $0.4500

Major Resistance Level – $0.4650

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