Ripple Price Technical Analysis – XRP/USD Preparing for a Break

SPONSORED ARTICLE:  Tech Analysis articles are sponsored by SimpleFX — Simple as Never Before,
SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions.

Key Highlights

  • Ripple price is still above the all-important $0.1960-50 support area against the US Dollar.
  • There is a bearish trend line forming with resistance at $0.2030 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price seems to be preparing for the next break either above $0.2050 or below $0.1960.

Ripple price is holding key support levels against the US Dollar and Bitcoin. XRP/USD is above the $0.1950 support and preparing for the next break.

Ripple Price Support

There were mostly ranging moves in Ripple price above the $0.1950 support against the US Dollar. Buyers failed and there was also no upside break since buyers struggled to place the price above the $0.2050 resistance. There was a correction wave initiated from the $0.2168 swing high and the price declined back below $0.2100. However, the downside move was protected by the 50% Fib retracement level of the last leg up from the $0.1845 low to $0.2168 high.

Moreover, the 100 hourly simple moving average is near $0.2020 and holding the current downside wave. Below $0.2020, there is a crucial support area near $0.1960-50. The mentioned $0.1950 acted as a strong buy zone on many occasions and would continue to hold downsides in the short term. At the moment, a bearish trend line forming with resistance at $0.2030 on the hourly chart of the XRP/USD pair is preventing gains.

A proper close above $0.2030 and $0.2050 could ignite an upside move. The next major resistance would be the last swing high at $0.2168. Overall, as long as the price is above $0.1950, it remains supported for more gains in the near term towards $0.2165-68.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower and is below the 50 level.

Major Support Level – $0.1960

Major Resistance Level – $0.2030


Charts courtesy – Trading View, Kraken

Article Original

Добавить комментарий