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Ripple Price Technical Analysis XRP USD
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Ripple Price Analysis: XRP/USD Accelerating Above $0.5200

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ripple price rocketed higher and broke the $0.5000 and $0.5200 resistance levels against the US dollar.
  • There is a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting lower, but it remains supported near $0.5100 and $0.5000.

Ripple price broke key resistances against the US Dollar and Bitcoin. XRP/USD is now placed in a bullish trend with supports above $0.5000.

Ripple Price Trend

There was a sharp upside move in Ripple price above the $0.4500 and $0.4800 resistances against the US Dollar. The XRP/USD pair climbed above a crucial resistance near $0.5000 to move into a bullish zone. Later, buyers were successful in pushing the price above the $0.5200 resistance which opened the doors for more gains. XRP price traded as high as $0.5242 before it started a downside correction.

It is currently testing the 23.6% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high. It seems like the price is placed nicely in a bullish trend with many supports above $0.5000. There is also a major bullish trend line in place with support at $0.4920 on the hourly chart of the XRP/USD pair. Around the trend line support, the 50% Fib retracement level of the last wave from the $0.4689 low to $0.5242 high is positioned. Therefore, if the price corrects lower, it is likely to find a lot of buying interest near the $0.5100 and $0.5000 levels.

Ripple Price Analysis XRP USD

Looking at the chart, the price is showing many positive signs above $0.5000. On the upside, a break above the $0.5240-50 resistance zone may well push XRP towards the $0.5500 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed in the overbought zone with positive signs.

Major Support Level – $0.5100

Major Resistance Level – $0.5250

Tags: OpinionRipple PriceRipple Price AnalysisRipple Price ChartRipple Price Forecastripple xrptradingxrpxrp btcxrp usdXRPUSD
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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