Analysis Technical

Ripple Price Analysis: XRP/USD Upsides Could be Capped Near $0.2900

Aayush Jindal | September 13, 2018 | 7:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Upsides Could be Capped Near $0.2900

Aayush Jindal | September 13, 2018 | 7:00 am

Key Highlights

  • Ripple price started a short-term upward move towards the $0.2700 resistance area against the US dollar.
  • Yesterday’s highlighted two bearish trend lines with resistance at $0.2600 and $0.2690 were breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is correcting higher, but it is likely to face a lot of hurdles near $0.2750, $0.2800 and $0.2900.

Ripple price has recovered a few points against the US Dollar and Bitcoin. XRP/USD is likely to face a strong resistance near the $0.2900 level.

Ripple Price Recovery

Yesterday, we discussed how Ripple price struggled below the $0.2800 level and declined towards $0.2500 against the US Dollar. The XRP/USD pair traded as low as $0.2492 and later started an upside correction. The price moved higher and broke the $0.2600 and $0.2650 resistance levels. The upside move was positive as there was a break above the $0.2700 resistance as well.

Besides, the price surpassed the 50% fib retracement level of the recent decline from the $0.2899 high to $0.2492 low. Additionally, yesterday’s highlighted two bearish trend lines with resistance at $0.2600 and $0.2690 were breached on the hourly chart of the XRP/USD pair. The price is now trading with a positive angle above the $0.2700 level and the 100 hourly simple moving average. However, there are many resistances for buyers near the $0.2750 and $0.2800 levels. The 76.4% fib retracement level of the recent decline from the $0.2899 high to $0.2492 low is also at $0.2800.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price could continue to correct higher as long as it is above $0.2650. However, buyers are likely to struggle near the $0.2750 and $0.2800 resistances. Above $0.2800, the next major hurdle and a pivot level is at $0.2900.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.

Major Support Level – $0.2650

Major Resistance Level – $0.2800

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.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

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