Ripple Price Technical Analysis – XRP/USD Reaching Buy Zone

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

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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