Tuesday, January 31, 2023
More

    Ripple Price Technical Analysis – XRP/USD Surges Toward $1.00

    Latest Posts

    Key Highlights

    • Ripple price is surging higher and it recently moved above the $0.9000 level against the US Dollar.
    • Yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The pair might continue to move higher and it will most likely resume uptrend above $0.9000.

    Ripple price is rocketing higher against the US Dollar and Bitcoin. XRP/USD is now set for a move towards the $1.00 handle in the near term.

    Ripple Price Next Target

    There were solid gains in Ripple price as it surged above the $0.8000 level against the US Dollar. The price was able to move above the $0.9000 level as well and traded to new all-time high of $0.9025. It seems like the pair is in a major uptrend above $0.6000 and the current move is only corrective. The best part is the fact that yesterday’s highlighted monster bullish trend line with current support at $0.6500 is intact on the hourly chart of the XRP/USD pair.

    There was a dip below the 50% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. However, the downside move was protected by the trend line support and the $0.6000 level. Sellers succeeded in pushing the price lower below $0.8000, but the current price action is only corrective. XRP tested the 61.8% Fib retracement level of the last wave from the $0.4000 low to $0.9025 high. It has likely completed the correction and is currently above the $0.7000 level.

    As long as the trend line support remains intact, there can be a retest of $0.9000. A break above $0.9000 would call for a test of $1.00.

    Looking at the technical indicators:

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

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is once again moving higher toward 65.

    Major Support Level – $0.6000

    Major Resistance Level – $0.9000

     

    Charts courtesy – Trading View, Kraken

    Latest Posts

    Don't Miss