- Ripple price corrected lower recently and it tested the $1.50 support area against the US Dollar.
- There is a major bullish trend line forming with support at $1.8000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might resume its upside soon once it succeeds in breaking the $2.00 resistance area.
Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near $1.80 and $1.70.
Ripple Price Support
After a solid upside move, Ripple price faced a strong resistance at $2.45 against the US Dollar. The price started a downside correction and moved below the $2.00 and $1.80 support levels. It traded close to the $1.50 level and formed a low as $1.5962. Later, it found bids and started an upside move above $1.60. XRP succeeded in moving above the 23.6% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low.
The last downside move was protected by a major support at $1.60 and the 100 hourly simple moving average. Moreover, a major bullish trend line with support at $1.8000 on the hourly chart of the XRP/USD pair also acted as a barrier for sellers. The pair is now above the $1.80 level, but it struggled to break the $2.00 level. Moreover, the 50% Fib retracement level of the last decline from the $1.2480 high to $1.5962 low is also acting as a resistance. Once the price breaks $2.00 and settles above the stated level, there can be more gains in the near term.
On the downside, the $1.8000 support area is very important. Furthermore, the $1.7000 level and the 100 hourly SMA are also decent buy zones.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 50 level.
Major Support Level – $1.8000
Major Resistance Level – $2.0000
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.
Blockchain – Crypto – Currency infomation