Ripple Price Technical Analysis – XRP/USD Moves Above 100 SMA


Ripple price moved higher above key levels against the US Dollar and Bitcoin. XRP/USD is now above $0.1800 and eyes further gains in the near term.

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Key Highlights

  • Ripple price managed to move above a major resistance area at $0.1850 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD (data source from Kraken) was broken.
  • The price is now correcting from $0.1969, but remains above the 100 hourly simple moving average.

Ripple price moved higher above key levels against the US Dollar and Bitcoin. XRP/USD is now above $0.1800 and eyes further gains in the near term.

Ripple Price Support

The past 2-3 sessions were decent for Ripple price as it managed to gain momentum above $0.1800 against the US Dollar. The price moved higher and broke a couple of important resistance levels including $0.1850. To initiate the uptrend, the price moved above the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low. It opened the doors for more gains above $0.1850 in the short term.

During the upside, yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD was breached. The most important break was above $0.1860 and the 100 hourly simple moving average. The price gained traction and moved towards $0.2000. However, the 61.8% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low prevented gains. A high was formed at $0.1969 and the price is currently correcting lower.

On the downside, the 100 hourly simple moving average near $0.1840 is likely to act as a major support. Moreover, the 50% Fib retracement level of the last wave from the $0.1731 low to $0.1969 high at $0.1850 is also a key buy zone.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down towards the 50 level.

Major Support Level – $0.18500

Major Resistance Level – $0.2000

 

Charts courtesy – Trading View, Kraken

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