Search Inside Bitcoins

Ripple Price Technical Analysis – Can XRP/USD Gain Momentum?

Key Highlights Ripple price moved higher recently and traded above the $0.9000 resistance against the US dollar. There was a break above a connecting bearish trend line with resistance at $0.9110 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair traded as high as $0.9488 where it faced sellers and declined once again.

Ripple price was not able to capitalize on gains against the US Dollar and Bitcoin. XRP/USD is back below the 100 hourly SMA and the $0.9200 support.

Ripple Price Support

There was a minor upside move initiated from the $0.8700 swing low in Ripple price against the US Dollar. The price moved higher and broke the $0.9000 resistance. There was also a break above the $0.9200 resistance and the 100 hourly simple moving average. Buyers pushed the price above the 50% Fib retracement level of the last drop from the $0.9597 high to $0.8749 low.

During the upside, there was a break above a connecting bearish trend line with resistance at $0.9110 on the hourly chart of the XRP/USD pair. However, the upside move was capped by the $0.9500 resistance. A high was formed near $0.9488 from where the price started a fresh downside wave. The decline was substantial as the price moved below the 50% Fib retracement level of the last wave from the $0.8754 low to $0.8488 high. Moreover, there was a close below the $0.9200 level and the 100 hourly SMA.

It seems like the price was able to capitalize on gains above $0.9200 and declined. It is currently trading near the same broken trend line at $0.9080, which is acting as a support. As long as the price is above $0.9050, it could make another upside attempt.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved below the 50 level.

Major Support Level – $0.9050

Major Resistance Level – $0.9200

 

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – Can XRP/USD Gain Momentum? appeared first on NewsBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close