Ripple Price Technical Analysis – XRP/USD Bounces Sharply

Key Highlights

  • Ripple price after a major dip found support near the $0.2050 level against the US Dollar.
  • Yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might is currently correcting lower and it might find support near $0.2300 and $0.2200.

Ripple price spiked sharply against the US Dollar and Bitcoin. XRP/USD is now able the $0.2200 and is eyeing more upsides in the near term.

Ripple Price Support

There was an extension to yesterday’s decline in Ripple price below the $0.2200 support against the US Dollar. However, the price was able to find support near $0.2100 and $0.2050. A solid support base was formed near $0.2050 from where the price bounced sharply. The upside move was strong as the price broke the $0.2200 and $0.2350 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $0.2580 high to $0.2050 low.

During the upside move, yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair. The pair even moved above the $0.2400 handle and the 100 hourly simple moving average. A high was formed at $0.2497 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $0.2050 low to $0.2497 high.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.2300 level is an immediate support. Below the $0.2300 support, the $0.2200 level might also come into picture as a major support in the near term where buyers are likely to appear.

Looking at the technical indicators:

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

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

Major Support Level – $0.2300

Major Resistance Level – $0.2450

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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