Ripple Price Technical Analysis – XRP/USD Moves Above 100 SMA

Key Highlights

• Ripple price managed to move above a major resistance area at $0.1850 against the US Dollar.
• Yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD (data source from Kraken) was broken.
• The price is now correcting from $0.1969, but remains above the 100 hourly simple moving average.

Ripple price moved higher above key levels against the US Dollar and Bitcoin. XRP/USD is now above $0.1800 and eyes further gains in the near term.

Ripple Price Support

The past 2-3 sessions were decent for Ripple price as it managed to gain momentum above $0.1800 against the US Dollar. The price moved higher and broke a couple of important resistance levels including $0.1850. To initiate the uptrend, the price moved above the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low. It opened the doors for more gains above $0.1850 in the short term.

During the upside, yesterday’s highlighted major bearish trend line with resistance at $0.1850 on the hourly chart of XRP/USD was breached. The most important break was above $0.1860 and the 100 hourly simple moving average. The price gained traction and moved towards $0.2000. However, the 61.8% Fib retracement level of the last decline from the $0.2250 high to $0.1500 low prevented gains. A high was formed at $0.1969 and the price is currently correcting lower.

On the downside, the 100 hourly simple moving average near $0.1840 is likely to act as a major support. Moreover, the 50% Fib retracement level of the last wave from the $0.1731 low to $0.1969 high at $0.1850 is also a key buy zone.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down towards the 50 level.

Major Support Level – $0.18500

Major Resistance Level – $0.2000

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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