InsideBitcoins.com

Ripple Price Analysis: XRP/USD Accelerating Above $0.5200

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

The post Ripple Price Analysis: XRP/USD Accelerating Above $0.5200 appeared first on NewsBTC.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar