Analysis Technical

Ripple Price Analysis: XRP/USD Gaining Bullish Momentum Above $0.36

Aayush Jindal | November 28, 2018 | 7:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Gaining Bullish Momentum Above $0.36

Aayush Jindal | November 28, 2018 | 7:30 am

Key Highlights

  • Ripple price formed a decent support near $0.3380 and recovered recently against the US dollar.
  • This week’s important bearish trend line was breached with resistance at $0.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now trading with a positive bias and it could trade towards the $0.3880 resistance level.

Ripple price is slowly gaining bullish pace against the US Dollar and Bitcoin. XRP/USD is likely to trade higher towards the $0.3880 and $0.3950 resistances.

Ripple Price Analysis

Yesterday, there was a slight downside reaction below the $0.3500 and $0.3400 levels in ripple price against the US Dollar. The XRP/USD pair even spiked below the $0.3350 level and traded as low as $0.3302. Later, the price started a fresh upward move and traded above the $0.3400 and $0.3500 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the recent drop from the $0.3847 high to $0.3302 low.

Besides, this week’s important bearish trend line was breached with resistance at $0.3550 on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price moved above the $0.3600 resistance. At the moment, the price is trading near the $0.3650 level and the 100 hourly simple moving average. The price is also testing the 61.8% Fib retracement level of the recent drop from the $0.3847 high to $0.3302 low. If there is a proper break above the $0.3700 resistance, the price could trade towards the $0.3880 resistance level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is slowly moving in a positive zone with a close above $0.3600. If there is a downside reaction, the previous resistance at $0.3500 and $0.3400 are likely to act as supports.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 55 level.

Major Support Level – $0.3500

Major Resistance Level – $0.3880

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 best UK casinos
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.