Ripple (XRP) is the 3rd largest cryptocurrency by market cap worth $32,982,829,404. As at time of writing. XRP after hitting an all-time high of $3.32, it has seen a retracement back to $0.485 making about 71& Fib Retracement. Since then, the coin has seen a little pull back having a support within $0.65-$0.75 and resistance around $0.80 and $0.86. with its recent trading trend, here are some important key factor.
- Ripple price formed support near the $0.7500 level
and recovered recently against the US dollar.
- There was a break above a declining channel with
resistance at $0.8000 on the hourly chart of the XRP/USD pair (data source
from Kraken).
- The pair must clear the 100 hourly simple moving
average and $0.8600 resistance to gain traction.
XRP price is gradually
recovering forming a bullish angle against the US Dollar and Bitcoin. For a
good bullish run to be seen, XRP/USD needs to settle above $0.8600 to extend
gains in the near term.
Ripple Price Resistance
After a major
decline, Ripple price formed a support base near the $0.7500 level against the
US Dollar. The price started an upside wave and recovered above the $0.7800
resistance. The recovery was positive since the price moved above the 23.6% Fib
retracement level of the last drop from the $0.9640 swing high to $0.7500 swing
low. It ignited more upsides and the price moved above $0.8200.
During the upside
move, there was a break above a declining channel with resistance at $0.8000 on
the hourly chart of the XRP/USD pair. Therefore, it seems like the recent break
above $0.8080 and $0.8200 is positive above $0.8080 and $0.8200. At the moment,
the price is struggling to break a previous support at $0.8500. Moreover, the
100 hourly SMA is positioned near $0.8550. Lastly, the 50% Fib retracement
level of the last drop from the $0.9640 swing high to $0.7500 swing low is near
$0.8600 to prevent upsides.
Looking at the chart,
the price has to clear the $0.8500, 100 hourly SMA and $0.8600 to gain further.
A successful close above the $0.8600 resistance may open the doors for a push
towards $0.8900. On the downside, supports area t $0.8200 and $0.8080.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is
slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Major Support Level – $0.8080
Major Resistance Level – $0.8600
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