Tuesday, January 31, 2023
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    Ripple Price Technical Analysis – XRP/USD Reaching Buy Zone

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    Key Highlights

    • Ripple price started a downside correction from $0.2150 against the US Dollar.
    • Yesterday’s highlighted bullish trend line with current support at $0.1920 on the hourly chart of XRP/USD (data source from Kraken) is intact.
    • The price is approaching a major support area near $0.1920 where buyers might appear.

    Ripple price has started a short-term correction against the US Dollar and Bitcoin. XRP/USD might test $0.1920, which is a good buy zone.

    Ripple Price Support

    Recently, we saw a major rise in Ripple price above the $0.2100 level against the US Dollar. The price traded with a lot of positive bias and was able to trade towards the $0.2150 level. Later, it started a correction phase and moved below $0.2100. There was a downside break of the 23.6% Fib retracement level of the last wave from the $0.1812 low to $0.2149 high.

    The price also broke the $0.2000 level once. However, the downside move was protected by the $0.1980 support. It also represents the 50% Fib retracement level of the last wave from the $0.1812 low to $0.2149 high. Moreover, yesterday’s highlighted bullish trend line with current support at $0.1920 on the hourly chart of XRP/USD is also in place. Therefore, if the price corrects further, the $0.1920 support zone is likely to act as a major barrier for sellers.

    The 100 hourly simple moving average is also near $0.1920 and the trend line support. All in all, the $0.1920 level is a good buy zone where buyers might take a stand. On the upside, an initial resistance is around the $0.2050 level. A break above the $0.2050 level could push the price back towards the 0.2150 high.

    Looking at the technical indicators:

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

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

    Major Support Level – $0.1920

    Major Resistance Level – $0.2050

     

    Charts courtesy – Trading View, Kraken

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