Analysis Technical

Ripple Price Analysis: XRP/USD Approaching Buy Region Near $0.5250

Aayush Jindal | November 7, 2018 | 6:28 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Approaching Buy Region Near $0.5250

Aayush Jindal | November 7, 2018 | 6:28 am

Key Highlights

  • Ripple price extended gains towards $0.5620 before started a downside correction against the US dollar.
  • There are two bullish trend lines in place with support at $0.5320 and $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting lower, but dips remain supported near the $0.5200 zone.

Ripple price is placed nicely in an uptrend against the US Dollar and Bitcoin. XRP/USD may find buyers once again near $0.5200 for a fresh upward move.

Ripple Price Analysis

After a minor downside correction, ripple price traded further higher above the $0.5300 level against the US Dollar. The XRP/USD pair gained pace and broke the $0.5550 resistance level. The upside move was strong as the price traded as high as $0.5626 and it is currently well above 100 hourly simple moving average. Later, the price corrected lower and moved below $0.5600 and $0.5550.

The price also declined below the 23.6% Fib retracement level of the recent upside from the $0.4777 low to $0.5626 high. However, there are many support levels on the downside above $0.5200. More importantly, there are two bullish trend lines in place with support at $0.5320 and $0.5200 on the hourly chart of the XRP/USD pair. The second trend line is near the 50% Fib retracement level of the recent upside from the $0.4777 low to $0.5626 high. Therefore, if the price corrects further, it is likely to find buyers near the $0.5200 zone.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly placed in a bullish zone above $0.5200. On the upside, an initial resistance is near $0.5450 and a bearish trend line on the same chart. Above the trend line, the price may perhaps rally above the $0.5626 high.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.

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

Major Support Level – $0.5200

Major Resistance Level – $0.5450

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