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Ripple Price Technical Analysis XRP USD
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Ripple Price Analysis: XRP/USD Surging Above $0.50

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

Key Highlights

  • Ripple price jumped higher and broke the $0.4750 and $0.5000 resistance levels against the US dollar.
  • Yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is gaining momentum above the $0.5000 resistance and eyes a test of $0.5250.

Ripple price is gaining upside momentum against the US Dollar and Bitcoin. XRP/USD is placed in a bullish trend above the $0.4750 pivot level.

Ripple Price Trend

Yesterday, there was a minor downside correction in Ripple price from the $0.4820 swing high against the US Dollar. The XRP/USD pair traded lower and tested an important support near the $0.4500 level. Moreover, the price tested the 50% Fib retracement level of the wave from the $0.4250 low to $0.4820 high. Later, the price formed a support and started a fresh upside move above $0.4600.

During the upside move, yesterday’s highlighted short-term declining channel was breached with resistance at $0.4600 on the hourly chart of the XRP/USD pair. More importantly, the price was able to break a crucial resistance at $0.4750. It opened the doors for more gains and the price rocketed above the $0.5000 level. It is now placed well above the $0.5000 resistance and it looks set to break $0.5200. An immediate support is near the 23.6% Fib retracement level of the last leg from the $0.4518 low to $0.5088 high. However, the most important support on the downside is at $0.4750, which was a resistance earlier.

Looking at the chart, the price is gaining upside momentum above $0.5000. Once it clears the $0.5200 barrier, it could accelerate gains towards $0.5500. On the downside, supports are seen at $0.5000, $0.4800 and the $0.4750 pivot level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now approaching the overbought levels.

Major Support Level – $0.4750

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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