Ripple Price Technical Analysis – XRP/USD Rockets Above $0.40

Key Highlights

  • Ripple price rocketed higher and traded above the $0.40 level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now placed nicely above the $0.3000 handle and eyes more upsides in the near term.

Ripple price surged higher against the US Dollar and Bitcoin. XRP/USD broke $0.4000 and is currently positioned nicely in the bullish zone.

Ripple Price Bullish Trend

There was a nasty upside move in Ripple price above the $0.3000 handle against the US Dollar. The price rocketed higher and broke many resistances such as $0.2450, $0.3000 and $0.3800. The upside was strong and the price was able to move above the $0.4000 level. A new high was formed at $0.4100 from where the price started a downside correction. It moved below the 38.2% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high.

However, the price remains well supported above $0.3000. There is a new connecting bullish trend line forming with support at $0.3200 on the hourly chart of the XRP/USD pair. The pair recently tested the 50% Fib retracement level of the last wave from the $0.2400 low to $0.4100 high. It was rejected from $0.3200 and is currently moving back higher. The current price action is very positive and it seems like the price will most back above the $0.4000 level in the near term.

Ripple Price Technical Analysis XRP USD

The next major upside target could be $0.5000. On the downside, buyers may take a stand near the $0.3200 and $0.3000 support levels if the price corrects lower.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level and is showing many positive signs.

Major Support Level – $0.3200

Major Resistance Level – $0.4000

 

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.

Source