Analysis Technical

Ripple Price Analysis: XRP/USD Remains In Major Uptrend

Aayush Jindal | September 24, 2018 | 7:30 am
technical analysis xrp
Analysis

Ripple Price Analysis: XRP/USD Remains In Major Uptrend

Aayush Jindal | September 24, 2018 | 7:30 am

Key Highlights

  • Ripple price surged higher and settled above the 0.5000 resistance against the US dollar.
  • There is a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may break the $0.6000 level in the near term to test the 0.6800 zone.

Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD needs to clear $0.6000 and $0.6800 to accelerate gains.

Ripple Price Analysis

This past week, we saw a nasty upward move from the $0.3500 low in Ripple price against the US Dollar. The XRP/USD pair even surpassed the $0.5200 target and traded towards the $0.8000 level. A new monthly high was formed at $0.7972 before the price started a downside correction. The price declined and traded towards the $0.5000 support. A low was formed at $0.4912 and later the price started consolidating losses.

It corrected higher and traded above the $0.5500 level. There was also a break above the 23.6% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. However, the upside move faced sellers near the $0.6000 and $0.6200 levels. There is also a short-term connecting bearish trend line in place with resistance at 0.6000 on the hourly chart of the XRP/USD pair. A break above the trend line could push the price towards 0.6440. It represents the 50% fib retracement level of the last decline from the $0.7972 high to $0.4912 low. On the downside, the $0.5000 level is a decent support along with the 100 hourly simple moving average.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price could break the $0.6000 resistance in the short term. However, a push above the $0.6800 is needed for a retest of the $0.7950-0.8000 zone.

Looking at the technical indicators:

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

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

Major Support Level – $0.5000

Major Resistance Level – $0.6000

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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