Sunday, February 5, 2023
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    Ripple Price Technical Analysis – XRP/USD is Following Uptrend

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    Key Highlights

    • Ripple price is slowly moving higher but struggling to gain momentum above $0.2500 against the US Dollar.
    • This week’s highlighted ascending channel with current support near $0.2380 is active on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The pair is currently testing the channel support at $0.2380-90 and might bounce back.

    Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD has to remain above $0.2350 to gain further in the near term.

    Ripple Price Support

    There was no major upside move in Ripple price above $0.2500 against the US Dollar. The price was seen struggling to gain traction above $0.2450 and $0.2500. However, it still remains in an uptrend above $0.2300. More importantly, this week’s highlighted ascending channel with current support near $0.2380 is active on the hourly chart of the XRP/USD pair.

    The pair is currently trading near a major support area at $0.2390. The channel support is at $0.2390 along with the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the last wave from the $0.2052 low to $0.2496 high is also around the same support. Therefore, the channel support near $0.2380-90 is very important and must hold losses.

    Should there be a break below $0.2380, there is a chance of XRP testing the 50% Fib retracement level of the last wave from the $0.2052 low to $0.2496 high at $0.2275. Below this last, the $0.2050 support can be tested. On the upside, the channel resistance is near $0.2550. Before $0.2550, the $0.2500 level is also a major resistance area, which is preventing upsides towards $0.2600.

    Looking at the technical indicators:

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

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level and is showing bearish signals.

    Major Support Level – $0.2380

    Major Resistance Level – $0.2500

     

    Charts courtesy – Trading View, Kraken

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