Analysis Technical

Ripple Price Analysis: XRP/USD Could Recover Above $0.4500

Aayush Jindal | November 1, 2018 | 6:28 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Could Recover Above $0.4500

Aayush Jindal | November 1, 2018 | 6:28 am

Key Highlights

  • Ripple price corrected higher recently and tested the $0.4500 resistance area against the US dollar.
  • There was a break above a key bearish trend line with resistance at $0.4400 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct lower before it could make another attempt to surpass $0.4500-0.4520.

Ripple price recovered nicely against the US Dollar and Bitcoin. XRP/USD is likely to clear the $0.4500 resistance to test the next hurdle near the $0.4600 level.

Ripple Price Analysis

Yesterday, there was another downside reaction from the $0.4460 level in ripple price against the US Dollar. The XRP/USD pair dipped and traded towards the $0.4340 support area where buyers emerged. There was a strong buying interest near $0.4340, which resulted in a sharp upward move. The price bounce back and broke the $0.4400 and $0.4460 resistance levels.

Moreover, there was a break above a key bearish trend line with resistance at $0.4400 on the hourly chart of the XRP/USD pair. The pair even moved above the $0.4500 resistance and the 100 hourly simple moving average. However, the price failed to stay above the $0.4500 level and formed a high at $0.4577. Later, there was a downside correction and the price moved below $0.4500. It also cleared the 23.6% Fib retracement level of the last wave from the $0.4233 low to $0.4577 high. It seems like the price may correct further in the short term towards the $0.4450 or $0.4400 supports.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing positive signs above $0.4400. However, buyers need to clear the $0.4500 and $0.4520 resistance levels to push the price towards the $0.4600 resistance. On the downside, a break below the $0.4400 level could take the price back towards the $0.4340 support.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD could move back in the bearish zone.

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

Major Support Level – $0.4400

Major Resistance Level – $0.4500

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