Ripple Price Analysis: XRP/USD Could Gain Traction Above $0.3300
Key Highlights
- Ripple price remained supported above $0.3120 and $0.3150 level and moved higher against the US dollar.
- There was a break above a connecting bearish trend line with resistance at $0.3250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair has to move above $0.3300 to gain traction in the near term towards $0.3380.
Ripple price is placed nicely in a positive zone against the US Dollar and Bitcoin. XRP/USD may perhaps break the $0.3300 to move towards $0.3450.
Ripple Price Trend
There was a retest of the $0.3120 support area in Ripple price against the US Dollar. The XRP/USD pair is forming a decent support base near the $0.3120 and $0.3150 levels. The price moved higher and broke the $0.3200 level. It also cleared the 23.6% Fib retracement level of the last drop from the $0.3540 high to $0.3095 swing low. However, upsides are limited and the price is facing many hurdles near the $0.3310 level.
The stated $0.3310 level coincides with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last drop from the $0.3540 high to $0.3095 swing low is also near $0.3315. Therefore, the $0.3310 and $0.3315 levels are important resistances for buyers. Should there be a break above these hurdles, the price may perhaps rise towards the $0.3400 level. The next major resistances above $0.3400 is near the $0.3500 level. On the downside, the main supports are at $0.3150 and $0.3120 levels where bulls are likely to take a stand.
Looking at the chart, ripple price is forming a decent support base near the $0.3120 level. As long as the price is trading and consolidating above $0.3120, it is likely to climb higher towards $0.3400 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed above the 50 level.
Major Support Level – $0.3120
Major Resistance Level – $0.3310
The post Ripple Price Analysis: XRP/USD Could Gain Traction Above $0.3300 appeared first on NewsBTC.
by Aayush Jindal on August 24, 2018 at 11:30AM