Ripple Price Analysis: XRP/USD Turned Bullish Above $0.3300
Key Highlights
- Ripple price broke the $0.3250 and $0.3300 resistance levels to move into a bullish zone against the US dollar.
- There is a connecting bullish trend line formed with support at $0.3260 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair formed an intraday high at $0.3436 and it is currently correcting lower towards $0.3320.
Ripple price is positioned nicely in a bullish zone against the US Dollar and Bitcoin. XRP/USD dips remain supported around the $0.3320 and $0.3300 levels in the near term.
Ripple Price Trend
Yesterday, we discussed that Ripple price could test the $0.3400 resistance against the US Dollar. The XRP/USD pair did trade higher, broke the $0.3300 resistance level, and tested the $0.3400 level. There was a close above the $0.3300 support and the 100 hourly simple moving average. The price traded as high as $0.3436 and later it started a downside correction.
It is currently trading near the 23.6% Fib retracement level of the recent upside from the $0.3191 low to $0.3436 high. On the downside, there are many support levels near $0.3300 and $0.3320. The stated $0.3320 level was a resistance earlier, and it could now act as a support above $0.3300. Moreover, the 50% Fib retracement level of the recent upside from the $0.3191 low to $0.3436 high is at $0.3313. Further below, there is a connecting bullish trend line formed with support at $0.3260 on the hourly chart of the XRP/USD pair. Therefore, if the price continues to move down, it is likely to find strong bids near $0.3300.
Looking at the chart, ripple price has moved into a positive zone above $0.3300. On the upside, a close above the $0.3400 and $0.3450 levels may well clear the path for a push above $0.3500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is nicely placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower from 75 to 60.
Major Support Level – $0.3300
Major Resistance Level – $0.3450
The post Ripple Price Analysis: XRP/USD Turned Bullish Above $0.3300 appeared first on NewsBTC.
by Aayush Jindal on August 28, 2018 at 12:30PM