Analysis Technical

Ripple Price Analysis: XRP/USD’s Buy Zone Near $0.4350

Aayush Jindal | August 2, 2018 | 7:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD’s Buy Zone Near $0.4350

Aayush Jindal | August 2, 2018 | 7:00 am

Key Highlights

  • Ripple price held the $0.4270 support and recovered nicely against the US dollar.
  • There is a short-term connecting bullish trend line in place with support at $0.4370 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently declining, but it remains nicely supported near the $0.4350 and $0.4270 levels.

Ripple price jumped higher yesterday against the US Dollar and Bitcoin. XRP/USD is placed in a positive zone as long as it is above $0.4270.

Ripple Price Trend

After a major decline below the $0.4300 level, Ripple price found support near $0.4270 against the US Dollar. The XRP/USD pair formed a base and started an upward move above $0.4400. It even broke the $0.4500 level and the 100 hourly simple moving average. However, it failed to hold gains above the $0.4600 and declined sharply below $0.4500. There was even a close below the $0.4500 level and the 100 hourly SMA.

An intermediate low was formed at $0.4329 before the price moved back higher. It tested the 50% Fib retracement level of the last drop from the $0.4607 high to $0.4329 low. The upward move was capped by $0.4490 and the 100 hourly SMA. The price is again declining towards the $0.4370 support. There is also a short-term connecting bullish trend line in place with support at $0.4370 on the hourly chart of the XRP/USD pair. As long as the price is above the $0.4370 support, it could bounce back above the $0.4500 level.

Ripple Price Analysis XRP USDech

Looking at the chart, the price is placed nicely above the $0.4370 and $0.4270 support levels. Below $0.4270, the price may extend declines towards the $0.4100 level. On the upside, a proper break and close above the $0.4500 resistance is required for more recoveries.

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 sliding below the 50 level.

Major Support Level – $0.4270

Major Resistance Level – $0.4500

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