Crypto News Trade

Ripple Price Technical Analysis – XRP/USD To Break $2.40?

Key Highlights

  • Ripple price is moving higher once again and is currently above the $2.00 handle against the US Dollar.
  • There is a crucial bullish trend line forming with support at $2.1000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to move higher and it could even break the $2.40 resistance in the near term.

Ripple price is moving nicely higher against the US Dollar and Bitcoin. XRP/USD is gaining pace towards $2.40 and it may soon break it.

Ripple Price Trend

There was a slow and steady rise in Ripple price from the $1.9000 swing low against the US Dollar. The price was able to move back above the $2.00 hurdle and is currently placed nicely in the bullish zone. There was also a break above the 61.8% Fib retracement level of the last drop from the $2.50 high to $1.60 low. It has opened the doors for more gains and the price is likely to towards $2.50 in the near term.

On the downside, there is a crucial bullish trend line forming with support at $2.1000 on the hourly chart of the XRP/USD pair. The pair is currently testing the 23.6% Fib retracement level of the last wave from the $1.82 low to $2.39 high. However, there is a chance of it testing the $2.10 support area in the near term. The mentioned support is around the 50% Fib retracement level of the last wave from the $1.82 low to $2.39 high. Therefore, any major correction from the current levels toward $2.10 and $2.00 remains supported.

On the upside, a break above the $2.40 would open the doors for an acceleration towards the $2.50 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed nicely above the 60 level.

Major Support Level – $2.1000

Major Resistance Level – $2.4000

About the author

Michael Williamson

Michael Williamson is a content marketer who formerly worked out of Unbounced's Montreal office. A writer by day and a reader by night, he is loathe to discuss himself in the third persona, but can be persuaded to do so from time to time.

Add Comment

Click here to post a comment

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.