Ripple Price Technical Analysis – XRP/USD Consolidating above $0.6800

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Key Highlights

  • Ripple price is trading in a range above the $0.6800 support area against the US Dollar.
  • This is a short-term bearish trend line forming with resistance at $0.7400 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might move higher in the near term, but it could face sellers near $0.7400 and the 100 hourly simple moving average.

Ripple price is consolidating against the US Dollar and Bitcoin. XRP/USD has to move above $0.7500 to gain traction in the near term.

Ripple Price Support

After a major upside move, Ripple price started a correction and moved below $0.7000 against the US Dollar. However, the price found support at $0.6800 and later started trading in a range. There were a couple of swing moves and the price recently retested the $0.6600-0.6800 support area. It is currently moving higher and it recently traded above the 23.6% Fib retracement level of the last decline from the $0.8405 high to $0.6777 low.

There are many minor resistances on the upside, including $0.7400 and $0.7500. There is also a short-term bearish trend line forming with resistance at $0.7400 on the hourly chart of the XRP/USD pair. Below the trend line at $0.7500, the 100 hourly simple moving average may also act as a strong resistance. Moreover, the 50% Fib retracement level of the last decline from the $0.8405 high to $0.6777 low is at $0.7600 to stop the upside move.

Ripple Price Technical Analysis XRP USD

Therefore, it seems like the $0.7400-0.7600 region is a good short-term resistance zone. XRP has to move above the $0.7600 level to move back in the bullish zone. Above $0.7600, the price could trade towards the $0.8400 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, and is heading lower.

Major Support Level – $0.6800

Major Resistance Level – $0.7600

 

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.



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