Analysis Technical

Ripple Price Analysis: XRP/USD Sets Eyes on $0.4500

Aayush Jindal | August 6, 2018 | 7:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Sets Eyes on $0.4500

Aayush Jindal | August 6, 2018 | 7:00 am

Key Highlights

  • Ripple price is forming a solid support base near the $0.4270 level against the US dollar.
  • There was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could move above $0.4370 to gain traction towards the $0.4500 level in the near term.

Ripple price is showing positive signs against the US Dollar and Bitcoin. XRP/USD has to move past $0.4370 to test the next hurdle near the $0.4500 level.

Ripple Price Resistances

There were many rejections noted near the $0.4270 level in Ripple price against the US Dollar. The XRP/USD pair formed a solid support base around $0.4270 and moved higher. The price traded above the 23.6% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low. These are positive signs, but the price is facing a key resistance near $0.4370.

During the recent upside, there was a short-term break above a bearish trend line at $0.4320 on the hourly chart of the XRP/USD pair. However, the price faced a strong selling interest near $0.4365-70 and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last slide from the $0.4446 high to $0.4266 low also acted as a resistance. Therefore, there could be a minor downside push towards the $0.4300-20 zone in the near term. On the upside, a break above $0.4370 could open the doors for more gains towards the $0.4500 level.

Ripple Price Analysis XRP

Looking at the chart, the price remains well supported above the $0.4270 level. Should there be a break below this, the price may perhaps move towards the $0.4100 level. The overall bias is positive as long as the price is above $0.4270.

Looking at the technical indicators:

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

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

Major Support Level – $0.4270

Major Resistance Level – $0.4370

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