Sunday, February 5, 2023
More

    Ripple Price Technical Analysis – XRP/USD New Highs Likely

    Latest Posts

    Key Highlights

    • Ripple price corrected lower towards $.1960 against the US Dollar where it found support.
    • There is a major bullish trend line forming with support at $0.1980 on the hourly chart of XRP/USD (data source from Kraken).
    • The price remains in an uptrend and there is a chance of a new high above $0.2150 in the near term.

    Ripple price is gaining pace against the US Dollar and Bitcoin. XRP/USD might soon break the recent high of $0.2150 for a new monthly high.

    Ripple Price Trend Line Support

    It was a good past week for Ripple price as it moved above $0.1800 against the US Dollar. The price is now in the bullish zone and following a nice bullish pattern above $0.1900. Recently, it traded close to the $0.2150 level from where a correction was initiated. The price traded towards the $0.1950 support. The mentioned $0.1950 support acted as a strong barrier for sellers. There were 2-3 attempts to break the $0.1950 support, but sellers failed.

    The price bounced sharply and it is now trading above $0.2000 and the 100 hourly simple moving average. The upside move was strong since the price is now above the 50% Fib retracement level of the last decline from the $0.2150 high to $0.1879 low. At the moment, the price is struggling to break the $0.2080 level. The mentioned $0.2080 resistance is the 76.4% Fib retracement level of the last decline from the $0.2150 high to $0.1879 low. Therefore, there is a chance of a minor dip towards the $0.2000 support and the 100 hourly SMA.

    Below $0.2000, there is a major bullish trend line forming with support at $0.1980 on the hourly chart of XRP/USD. As long as the pair is above $0.1950, it remains in the uptrend and might break $0.2150 soon.

    Looking at the technical indicators:

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

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

    Major Support Level – $0.1950

    Major Resistance Level – $0.2080

     

    Charts courtesy – Trading View, Kraken

    Latest Posts

    Don't Miss