Ripple Price Technical Analysis – XRP/USD Back Buy on Dips

Key Highlights

• Ripple price gathered pace above the $0.1750 support against the US Dollar and moved higher.
• Yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD (data source from Kraken) was breached.
• The price is now placed well above the $0.1800 support and showing a lot of positive signs.

Ripple price is back in the bullish zone against the US Dollar and Bitcoin. XRP/USD might continue to move higher and could even challenge $0.2000.

Ripple Price Upside Break

There was a decent recovery wave started from the $0.1700 handle in Ripple price against the US Dollar. The price slowly moved higher and broke many resistances, including $0.17500. The most important break was of the 50% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. The price action looks positive since the price is now well above the $0.1800 level and the 100 hourly simple moving average.

During the upside move, there was a break of yesterday’s highlighted bearish trend line with resistance near $0.1770 on the hourly chart of XRP/USD. The pair tested the 61.8% Fib retracement level of the last drop from the $0.1975 high to $0.1675 low. It is currently consolidating gains above the $0.1800 level. On the downside, there is a new short-term bullish trend line forming with support near $0.1800.

As long as the price is above $0.1800, it might continue to move higher and could even break $0.1900. The next major upside hurdle sits at $0.2000 where sellers might appear. In the short term, buying dips near $0.1800 can be considered with a tight stop.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving down from the overbought levels.

Major Support Level – $0.1800

Major Resistance Level – $0.1900

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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