Key Highlights

  • Ripple price made a nice upside move and traded above the $0.2750 resistance against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting lower, but downsides remain limited by the $0.2600 support area.

Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD remains buy on dips near the $0.2600 and $0.2500 levels in the near term.

Ripple Price Trend

There were decent gains in Ripple price as it was able to move above the $0.2600 resistance against the US Dollar. The upside move was strong and the price even broke the $0.2700 and $0.2750 resistance levels. It traded close to the $0.2800 level and later started a downside correction. The price has moved below the 23.6% Fib retracement level of the last upside wave from the $0.2320 low to $0.2800 high.

However, the downside move remains supported above the $0.2600 handle. There is a new connecting bullish trend line forming with support at $0.2600 on the hourly chart of the XRP/USD pair. Moreover, the 38.2% Fib retracement level of the last upside wave from the $0.2320 low to $0.2800 high is also a good support. As long as the pair is above $0.2600, the downside action remains limited. The next important support and buy zone is around the $0.2500 level.

Ripple Price Technical Analysis XRP USD

On the upside, the pair faces resistance near $0.2750. Above the mentioned $0.2750, the next important resistance is around $0.2800. The overall trend is positive and the price is likely to continue higher towards $0.2800 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved in the bearish zone, but only as a part of correction.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just around the 50 level.

Major Support Level – $0.2600

Major Resistance Level – $0.2750

 

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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