Wednesday, February 21, 2024
More

    Ripple Price Technical Analysis – XRP/USD Remains In Uptrend

    Latest Posts

    Key Highlights

    • Ripple price traded to a new monthly high above $0.2900 against the US Dollar.
    • There is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The price might continue to trade higher towards the $0.2800 and $0.2900 resistance levels.

    Ripple price is trading with a bullish bias against the US Dollar and Bitcoin. XRP/USD is holding an important support and eyeing further gains.

    Ripple Price Support

    Yesterday, there was a sharp upside move in Ripple price above $0.2900 against the US Dollar. The price gained pace above $0.2900 and traded to a new monthly high at $0.2950. Later, it started correcting lower and declined below the $0.2700 level. However, the downside move was protected by the $0.2500 support and the 100 hourly simple moving average.

    Moreover, on the downside, there is a key bullish trend line forming with support at $0.2500 on the hourly chart of the XRP/USD pair. On the upside, an initial resistance is around the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low. Once the price gains momentum above $0.2700, there are chances of more upsides towards $0.2900. An intermediate resistance is close to the 50% Fib retracement level of the last decline from the $0.2950 high to $0.2500 low.

    It won’t be easy for sellers to break the $0.2500 support area. Below $0.2500, the $0.2350 support is also very important. As long as the price stays above the $0.2500 and $0.2350 support levels, it remains in an uptrend. On the upside, buyers might once again target the $0.2800 and $0.2900 levels in the near term.

    Looking at the technical indicators:

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

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

    Major Support Level – $0.2500

    Major Resistance Level – $0.2700

     

    Charts courtesy – Trading View, Kraken

    Latest Posts

    Don't Miss