Jump to content

This is BITCFX Blockchain Community

General discussion about the Bitcoin and Blockchain all kind of Crypto News, Crypto innovations a general forum to Discuss the Blockchain-related services & new innovations.
Earn Now
Earning Updates
  • Community Updates
  • Join Now to get activity credits which you can convert in to Bitcoin
Sign in to follow this  
BITCFX

Ripple Price Analysis: XRP/USD Primed for More Gains

Recommended Posts

Key Highlights

  • Ripple price is surging higher and it recently broke the $0.4500 resistance against the US dollar.
  • There is a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is placed nicely above the $0.4700 support area for more upsides in the near term.

Ripple price gained bullish momentum against the US Dollar and Bitcoin. XRP/USD broke the $0.4500 resistance and it could continue to move higher towards $0.5000.

Ripple Price Upward Move

Yesterday, we discussed about a crucial resistance near $0.4500 in Ripple price against the US Dollar. The XRP/USD pair surged higher recently and managed to break the mentioned $0.4500 barrier. After the break, there was a sharp upward move and the price traded above the $0.4600 and $0.4700 levels. The upside move was strong as the price even broke the $0.4800 resistance.

A high was formed at $0.4833 before the price started consolidating gains. On the downside, an initial support is near the $0.4800 level. There is also a key connecting bullish trend line formed with support at $0.4750 on the hourly chart of the XRP/USD pair. Below the trend line, the 23.6% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high might act as a support near $0.4739. Below this, the price could extend the decline towards the $0.4650 support. An intermediate support is near $0.4680 and the 38.2% Fib retracement level of the last leg from the $0.4432 low to $0.4833 high.

Ripple Price Analysis XRP USD

Looking at the chart, the price is placed nicely in an uptrend above $0.4700. Going forward, it could break the $0.4833 high and make an attempt to surge towards the $0.5000 resistance.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed with positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 70 level.

Major Support Level – $0.4700

Major Resistance Level – $0.4850

The post Ripple Price Analysis: XRP/USD Primed for More Gains appeared first on NewsBTC.

View the full article

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×