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technical analysis ripple

Ripple Price Analysis: XRP/USD Bullish Above $0.4250

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ripple price surged higher and broke the key $0.4200 and $0.4300 resistance levels against the US dollar.
  • There is a short-term channel formed with support at $0.4290 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to break the $0.4500 resistance to climb once again towards the $0.4700 level.

Ripple price is placed in a bullish zone against the US Dollar and Bitcoin. XRP/USD may continue to accelerate gains above $0.4400 and $0.4500 in the near term.

Ripple Price Analysis

Yesterday, we saw a solid rally above the $0.4000 and $0.4200 resistance levels in Ripple price against the US Dollar. The XRP/USD pair even traded above the $0.4500 resistance and tested the $0.4700 zone. A high was formed at $0.4710 and later the price corrected sharply lower. It declined below the $0.4500 support and the $0.4400 pivot zone. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $0.3884 low to $0.4710 high.

However, the downside move was protected by the $0.4200-0.4250 zone. The price also stayed above the 61.8% Fib retracement level of the last wave from the $0.3884 low to $0.4710 high. More importantly, the price is still trading nicely above the $0.4200 support and the 100 hourly simple moving average. At the outset, there is a short-term channel formed with support at $0.4290 on the hourly chart of the XRP/USD pair. The pair may continue to move higher if there is a break above the $0.4500 and $0.4520 resistance levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be holding the $0.4200 and $0.4250 supports very well. Below these, the price will most likely move back in a bearish zone towards the $0.4000 and $0.3800 levels.

Looking at the technical indicators:

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

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

Major Support Level – $0.4250

Major Resistance Level – $0.4520

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...

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