Tuesday, January 31, 2023
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    Ripple Price Technical Analysis – XRP/USD Moving Toward $1.00

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    Key Highlights

    • Ripple price moved higher once again and is currently trading above the $0.8000 level against the US Dollar.
    • Yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The pair traded as high $0.9009 and is currently preparing for more gains above $1.00.

    Ripple price is surging higher against the US Dollar and Bitcoin. XRP/USD might soon move further higher toward the $1.00 level in the near term.

    Ripple Price Upside Move

    There was a fresh upside move initiated in Ripple price from the $0.7000 swing low against the US Dollar. The price succeeded in breaking many resistances such as $0.7500 and $0.8000. To start with, there was a break above the 50% Fib retracement level of the last drop from the $0.8400 high to $0.6770 low. It opened the doors for more gains above $0.7500.

    More importantly, yesterday’s highlighted short-term bearish trend line with resistance at $0.7200 was broken on the hourly chart of the XRP/USD pair. The pair traded above the $0.8500 level and posted a new high at $0.9009. It seems like the current uptrend is far from over and the price might continue higher above $0.9000. An initial support is around the 23.6% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high. Any major downside move should be limited by the $0.8000 level. Moreover, the 50% Fib retracement level of the last wave from the $0.6500 low to $0.9009 high is at $0.7760 to act as a support.

    On the upside, a break above the $0.9000 handle would call for a test of the $1.00 handle in the near term.

    Looking at the technical indicators:

    Hourly MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well in the overbought levels.

    Major Support Level – $0.7700

    Major Resistance Level – $0.9000

     

    Charts courtesy – Trading View, Kraken

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