Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.4700

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Key Highlights

  • Ripple price remained in a tiny range and managed to hold the $0.4700 support against the US dollar.
  • There is a short-term connecting bullish trend line forming with support at $0.4800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to move above the $0.5000 resistance level to gain upside momentum in the near term.

Ripple price is under a lot of pressure against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4700 support to avoid any further losses in the near term.

Ripple Price Range

There was no recovery during the past few sessions above $0.5000 in Ripple price against the US Dollar. There were mostly bearish moves below the $0.5000 resistance and the 100 hourly simple moving average. On the positive note, the price managed to hold a major support area near $0.4700. At the moment, the price is consolidating losses above the $0.4800 and $0.4700 support levels.

The recent low was formed at $0.4754 before the price started trading in a range. It moved slightly higher and tested the 23.6% Fib retracement level of the last drop from the $0.5540 high to $0.4754 low. However, the most important barrier for a recovery sits near the $0.5000 resistance and the 100 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the last drop from the $0.5540 high to $0.4754 low is at $0.5050. Therefore, the price may perhaps face a strong resistance near the $0.5000-0.5050 area.

Ripple Price Technical Analysis XRP USD

On the downside, there is a short-term connecting bullish trend line forming with support at $0.4800 on the hourly chart of the XRP/USD pair. The pair must stay above the $0.4700 and $0.4800 support levels to avoid further downsides in the near term.

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 flat near the 45 level.

Major Support Level – $0.4700

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.4700 appeared first on NewsBTC.


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