Key Highlights
- Ripple price after a correction from the $0.2180 high against the US Dollar started trading in a range.
- There is a short-term channel forming with support at $0.1960 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains supported on the downside as long as there is no close below $0.1960.
Ripple price is trading in a range against the US Dollar and Bitcoin. XRP/USD needs a close above $0.2050 to gain upside momentum.
Ripple Price Support
This past week we saw a decent rise in Ripple price towards the $0.2200 level against the US Dollar. The price traded as high as $0.2165 before finding sellers. Later, the price started a downside correction and traded below the $0.2100 support and the 50% Fib retracement level of the last wave up from the $0.1850 low to $0.2165 high. There was even a break of the $0.2000 handle once, but the $0.1950-0.1960 support prevented further declines.
As a result, the price started trading in a range above the $0.1960 level. There is a short-term channel forming with support at $0.1960 on the hourly chart of the XRP/USD pair. The pair recently tested the 38.2% Fib retracement level of the last decline from the $0.2168 high to $0.1960 low, but failed to break it. It started trading in a range with resistance at $0.2050 and support above $0.1960.
At present, the pair is flirting with the 100 hourly simple moving average at $0.2010 and is showing no major bullish signs. There is a chance of XRP declining back towards $0.1960 to fill buy orders before attempting an upside break.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly flat with no major bullish signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major Support Level – $0.1960
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.