Bank Sponsored
technical analysis ripple

Ripple Price Analysis: XRP/USD Reverses From Key Support at $0.3120

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ripple price found a strong buying interest around $0.3120 and recovered sharply against the US dollar.
  • There was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair tested the $0.3550 resistance and is currently consolidating gains above $0.3200 .

Ripple price reversed yesterday’s losses and gained traction against the US Dollar and Bitcoin. XRP/USD broke the $0.3350 level to move into a positive zone.

Ripple Price Upside Move

Yesterday, we saw a bearish reaction below the $0.3300 level in Ripple price against the US Dollar. The XRP/USD pair tested an important support area near $0.3120 where buyers emerged. A low was formed at $0.3125 before the price started an upside recovery. The price broke the $0.3300 resistance to start a decent recovery. Later, it cleared the 61.8% Fib retracement level of the last drop from the $0.3534 high to $0.3125 low.

It opened the doors for more gains above $0.3400. More importantly, there was a break above a key connecting bearish trend line with resistance at $0.3340 on the hourly chart of the XRP/USD pair. The pair even spiked above the $0.3500 level and settled above the 100 hourly simple moving average. At present, the price is correcting lower and is trading near $0.3440. An initial support is the 23.6% Fib retracement level of the last wave from the $0.3125 low to $0.3540 high. Below $0.3440, the next major support is at $0.3330 and the 100 hourly SMA.

Ripple Price Analysis XRP USD

Looking at the chart, ripple has moved into a positive zone above $0.3350. On the upside, a break above the $0.3500 and $0.3540 resistances will most likely clear the path for more gains.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is showing positive signs above the 60 level.

Major Support Level – $0.3350

Major Resistance Level – $0.3540

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Ad
Tachyon Protocol (IPX)

IPX Staking starts! No Lock Up. Withdraw and cancel anytime. No tech skills needed. Earn unlimited rewards by selling traffic to over 400,000 global users on Tachyon VPN.

Ad