Sunday, June 23, 2024

    Ripple Price Technical Analysis – XRP/USD Bounces Sharply

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    Key Highlights

    • Ripple price after a major dip found support near the $0.2050 level against the US Dollar.
    • Yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The pair might is currently correcting lower and it might find support near $0.2300 and $0.2200.

    Ripple price spiked sharply against the US Dollar and Bitcoin. XRP/USD is now able the $0.2200 and is eyeing more upsides in the near term.

    Ripple Price Support

    There was an extension to yesterday’s decline in Ripple price below the $0.2200 support against the US Dollar. However, the price was able to find support near $0.2100 and $0.2050. A solid support base was formed near $0.2050 from where the price bounced sharply. The upside move was strong as the price broke the $0.2200 and $0.2350 resistance levels. There was also a break above the 61.8% Fib retracement level of the last decline from the $0.2580 high to $0.2050 low.

    During the upside move, yesterday’s highlighted major bearish trend line was broken at $0.2350 on the hourly chart of the XRP/USD pair. The pair even moved above the $0.2400 handle and the 100 hourly simple moving average. A high was formed at $0.2497 from where the price started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $0.2050 low to $0.2497 high.

    On the downside, the $0.2300 level is an immediate support. Below the $0.2300 support, the $0.2200 level might also come into picture as a major support in the near term where buyers are likely to appear.

    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 now well above the 50 level and is currently correcting lower.

    Major Support Level – $0.2300

    Major Resistance Level – $0.2450


    Charts courtesy – Trading View, Kraken

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