Ripple Price Technical Analysis – XRP/USD Approaching Break?

Key Highlights

• Ripple price has recovered well from the $0.1500 low against the US Dollar, and currently facing a resistance.
• There is a major bearish trend line forming with current resistance at $0.1850 on the hourly chart of XRP/USD (data source from Kraken).
• A break and close above $0.1900 might push the price above the $0.2000 handle.

Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD now has to break $0.1850 to gain momentum in the near term.

Ripple Price Upside Hurdle

It was an eventful week for Ripple price as it fell below the $0.1600 support against the US Dollar. The downside move was such that the price almost tested the $0.1500 level. A low was formed at $0.1502 from where a recovery was initiated. The price moved above the 38.2% Fib retracement level of the last drop from the $0.2251 high to $0.1502 low. However, the price seems to be struggling to clear the $0.1850 resistance and the 100 hourly simple moving average.

There was also a failed attempt to break the 61.8% Fib retracement level of the last drop from the $0.2251 high to $0.1502 low. The price is currently trading below $0.1900 and the 100 hourly simple moving average. On the upside, there is a major bearish trend line forming with current resistance at $0.1850 on the hourly chart of XRP/USD. A proper close above the trend line resistance, $0.1900 and the 100 hourly SMA is needed for further gains.

Once we have a close above $0.1900, the price could easily surpass the $0.2000 level. The next major hurdle for buyers sits near $0.2045. On the downside, an initial support is at $0.1750, followed by $0.1700.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.

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

Major Support Level – $0.17000

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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