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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis ripple
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Ripple (XRP) Price In Crucial Uptrend: Fresh Increase Likely

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price rallied recently above the $0.4240 and $0.4500 resistance levels against the US dollar.
  • The price traded to a new weekly high at $0.4599 and it is currently correcting lower.
  • There is a major bullish trend line forming with support at $0.4320 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to bounce back as long as it is trading above the $0.4152 pivot level.

Ripple price is trading with a positive bias against the US Dollar and bitcoin. XRP is currently correcting from highs, but dips remain well supported above the $0.4200 level.

Ripple Price Analysis

In the past two days, there was a strong rise in ripple price above the $0.4200 resistance against the US Dollar. The XRP/USD pair broke many resistances recently, including $0.4250, $0.4350, $0.4420 and $0.4500. There was a close above the $0.4300 level and the 100 hourly simple moving average. The price traded towards the $0.4600 level and formed a new weekly high at $0.4599. Recently, it started a downside correction and traded below the $0.4550 and $0.4500 support levels.

Moreover, there was a break below the 23.6% Fib retracement level of the recent leg from the $0.4152 low to $0.4599 swing high. However, there are many supports on the downside near the $0.4360 and $0.4320 levels. The 50% Fib retracement level of the recent leg from the $0.4152 low to $0.4599 swing high is currently acting as a support near $0.4375. More importantly, there is a major bullish trend line forming with support at $0.4320 on the hourly chart of the XRP/USD pair.

Therefore, the current correction wave is likely to complete anywhere near $0.4360 or $0.4320. If there is a downside break below the trend line and $0.4300, the price could extend losses. The next main support is near the $0.4150 level, which acted as a buy zone on many occasions recently. An intermediate support is $0.4258 and the 76.4% Fib retracement level of the recent leg from the $0.4152 low to $0.4599 swing high.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is trading nicely in an uptrend above the $0.4320 support level. The price is likely to bounce back once the current correction is complete near $0.4320 or $0.4150. Any further declines below $0.4150 is very unlikely. On the upside, an initial resistance is near $0.4500, above which the price is likely to revisit the $0.4600 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently holding the 50 level, with neutral signs.

Major Support Levels – $0.4320, $0.4250 and $0.4150.

Major Resistance Levels – $0.4500, $0.4520 and $0.4600.

Tags: Ripplexrp
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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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