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

Key Highlights

  • Ripple price managed to move above the $1.2500 resistance area against the US dollar.
  • There was a break above a major bearish trend line with resistance at $1.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently placed nicely above the $1.2500 support area and it may rise further.

Ripple price traded higher recently against the US Dollar and Bitcoin. XRP/USD is currently supported above $1.2500 and is preparing for the next move.

Ripple Price Support

There was a minor upside reaction in Ripple price from the $1.1000 swing low against the US Dollar. The price gained momentum and it was able to move above the $1.2500 and $1.3500 resistance levels. It traded close to the $1.4000 level and formed a high at $1.3962. During the upside move, there was a break above a major bearish trend line with resistance at $1.2250 on the hourly chart of the XRP/USD pair.

Later, a downside correction was initiated from $1.3962. The pair moved below the 23.6% Fib retracement level of the last wave from the $1.1125 low to $1.3962 high. On the downside, there is a major support near $1.2500. There is also a bullish trend line positioned with support at $1.2500. Moreover, the 50% Fib retracement level of the last wave from the $1.1125 low to $1.3962 high is also near $1.2500. It seems like the pair may correct a few more points towards $1.2500 and the 100 hourly simple moving average.

Ripple Price Technical Analysis XRP USD

As long as the price is above $1.2500, it remains supported. On the upside, the price to trade above $1.4000 to move back in the bullish zone toward $1.8000 and $2.0000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is reducing the last bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 50 level.

Major Support Level – $1.2500

Major Resistance Level – $1.4000

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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