Ripple Price Technical Analysis – XRP/USD Back Buy on Dips


Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher and could even challenge $0.2000.

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Key Highlights

  • Ripple price gathered pace above the $0.1750 support against the US Dollar and moved higher.
  • Yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD (data source from Kraken) was breached.
  • The price is now placed well above the $0.1800 support and showing a lot of positive signs.

Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher and could even challenge $0.2000.

Ripple Price Upside Break

There was a decent recovery wave started from the $0.1700 handle in Ripple price against the US Dollar. The price slowly moved higher and broke many resistances, including $0.17500. The most important break was of the 50% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. The price action looks positive since the price is now well above the $0.1800 level and the 100 hourly simple moving average.

During the upside move, there was a break of yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD. The pair tested the 61.8% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. It is currently consolidating gains above the $0.1800 level. On the downside, there is a new short-term bullish trend line forming with support near $0.1800.

As long as the price is above $0.1800, it might continue to move higher and could even break $0.1900. The next major upside hurdle sits at $0.2000 where sellers might appear. In the short term, buying dips near $0.1800 can be considered with a tight stop.

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 moving down from the overbought levels.

Major Support Level – $0.1800

Major Resistance Level – $0.1900

 

Charts courtesy – Trading View, Kraken

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