Analysis Technical

Ripple Price Analysis: XRP Could Rally Significantly If It Breaks $0.3200

Aayush Jindal | March 7, 2019 | 5:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP Could Rally Significantly If It Breaks $0.3200

Aayush Jindal | March 7, 2019 | 5:00 am
  • Ripple price traded higher nicely and settled above the $0.3100 support area against the US dollar.
  • The price traded as high as $0.3198 recently and later corrected a few points below $0.3160.
  • There is a key ascending channel in place with support at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to accelerate higher once it breaks the $0.3200 resistance area in the near term.

Ripple price is positioned for more upsides against the US Dollar and bitcoin. XRP/USD could rally towards $0.3250 and $0.3300 once it clears the $0.3200 resistance zone.

Ripple Price Analysis

Yesterday, there was a solid recovery in the crypto market, with gains in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair broke the $0.3080 and $0.3100 resistance levels to move into a bullish zone. Buyers even pushed the price above the $0.3120 resistance and the 100 hourly simple moving average. The upward move was strong and the price recently traded towards the $0.3200 resistance. Yesterday’s buying dips idea worked, but gains were capped by the $0.3200 resistance.

A swing high was formed at $0.3198 and later the price corrected lower. It broke the $0.3160 support and the 50% Fib retracement level of the last wave from the $0.3088 low to $.3198 high. However, the decline was protected by the $0.3140 support area. Besides, the 61.8% Fib retracement level of the last wave from the $0.3088 low to $.3198 high acted as a support. The price recovered and it is currently trading above the $0.3160 level.

More importantly, there is a key ascending channel in place with support at $0.3145 on the hourly chart of the XRP/USD pair. The pair could continue to move higher towards the $0.3200 resistance in the near term. If there is a proper break above the $0.3200 barrier, the price could accelerate higher towards the $0.3250 level. The next key resistance is near the $0.3300 level, where sellers may emerge. On the downside, a bearish break below the channel support might push the price towards the $0.3100 support.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly placed nicely in a positive zone above the $0.3100 support level. However, the main support is near the $0.3080 level and the 100 hourly SMA. If there is a break below $0.3080, the price may turn bearish again.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently flat, with signs of a move back in the bullish zone.

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

Major Support Levels – $0.3140, $0.3100 and $0.3080.

Major Resistance Levels – $0.3185, $0.3200 and $0.3250.

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