Ripple Price Technical Analysis – XRP/USD Moving Toward $1.00


Key Highlights

  • Ripple price moved higher once again and is currently trading above the $0.8000 level against the US Dollar.
  • Yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair traded as high $0.9009 and is currently preparing for more gains above $1.00.

Ripple price is surging higher against the US Dollar and Bitcoin. XRP/USD might soon move further higher toward the $1.00 level in the near term.

Ripple Price Upside Move

There was a fresh upside move initiated in Ripple price from the $0.7000 swing low against the US Dollar. The price succeeded in breaking many resistances such as $0.7500 and $0.8000. To start with, there was a break above the 50% Fib retracement level of the last drop from the $0.8400 high to $0.6770 low. It opened the doors for more gains above $0.7500.

More importantly, yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair. The pair traded above the $0.8500 level and posted a new high at $0.9009. It seems like the current uptrend is far from over and the price might continue higher above $0.9000. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high. Any major downside move should be limited by the $0.8000 level. Moreover, the 50% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high is at $0.7760 to act as a support.

Ripple Price Technical Analysis XRP USD

On the upside, a break above the $0.9000 handle would call for a test of the $1.00 handle in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well in the overbought levels.

Major Support Level – $0.7700

Major Resistance Level – $0.9000

 

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.