Analysis

Ripple Price Analysis: XRP’s Rally Runs Into Resistance But More Gains Likely

  • Ripple price rallied sharply above $ 0.3200 against the US dollar after the Coinbase listing announcement.
  • The price traded above the $ 0.3220 and $ 0.3300 resistance levels before it faced sellers near $ 0.3400.
  • There is a crucial connecting bearish trend line formed with resistance at $ 0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points, but dips remain supported above $ 0.3200.

Ripple price climbed higher sharply against the US Dollar and bitcoin after the positive news of Coinbase listing. XRP/USD tested the $ 0.3400 resistance and it remains supported for more gains.

Ripple Price Analysis

Recently, we saw a sharp decline in ripple price below the $ 0.3200 support area against the US Dollar. The XRP/USD pair broke key supports and moved into a bearish zone similar to Ethereum and bitcoin. It even traded below the $ 0.3000 support before buyers appeared near $ 0.2960. Later, the price started trading in a range above $ 0.2980 for the next break. Finally, there was a solid bullish wave the Coinbase listing announcement. Buyers gained paced and broke many key resistances such as $ 0.3100, $ 0.3140, $ 0.3200 and $ 0.3220.

There was a close above the $ 0.3200 level and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last drop from the $ 0.3420 high to $ 0.2940 low was breached. The price even broke the $ 0.3350 resistance and traded close to the $ 0.3400 resistance. However, there was no follow through above the $ 0.3385 level and the price failed to test the last high near $ 0.3420. An intraday high was formed at $ 0.3388 and the price later corrected lower.

It dipped below the 23.6% Fib retracement level of the recent wave from the $ 0.2961 low to $ 0.3388 high. However, there are many supports on the downside near the $ 0.3220 and $ 0.3200 level. The 50% Fib retracement level of the recent wave from the $ 0.2961 low to $ 0.3388 high is also near the $ 0.3175 level. Therefore, it seems like dips remain supported above $ 0.3175 in the near term. On the upside, there is a crucial connecting bearish trend line formed with resistance at $ 0.3360 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price may continue to struggle near the trend line and $ 0.3400. If there is a successful daily close above $ 0.3400, it is likely to trigger more gains above the $ 0.3450 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD could move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 60 and 65 levels.

Major Support Levels – $ 0.3220, $ 0.3200 and $ 0.3175.

Major Resistance Levels – $ 0.3350, $ 0.3400 and $ 0.3420.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *