Ripple Price Technical Analysis – XRP/USD Breaks $3.0; More Gains Likely

Ripple Price Technical Analysis – XRP/USD Breaks $3.0; More Gains Likely

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price extended gains and was able to move above the $3.00 level against the US Dollar.
  • There are two important bullish trend lines forming with supports at $2.75 and $2.30 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to trade higher and it could even settle above the $3.00 handle.

Ripple price gained further momentum against the US Dollar and Bitcoin. XRP/USD broke $3.00 and it may continue to move higher.

Ripple Price Upside Thrust

There were further gains in Ripple price as it broke above the $2.40 resistance against the US Dollar. The upside move was strong as the price was even able to move above the $3.00 resistance. A high was formed at $3.0505 and it seems like the price may continue to move higher. Before the upside thrust, the price tested the 23.6% Fib retracement level of the last upside leg from the $1.95 low to $2.80 high.

It found support and bounced sharply to move above $3.00. At the moment, there are a few signs of a minor correction towards the 23.6% Fib retracement level of the last wave from the $2.25 low to $3.05 high. There are many supports on the downside such as $2.80 and $2.50. Moreover, there are two important bullish trend lines forming with supports at $2.75 and $2.30 on the hourly chart of the XRP/USD pair. The first trend line is close to the 38.2% Fib retracement level of the last wave from the $2.25 low to $3.05 high.

Ripple Price Technical Analysis XRP USD

Therefore, if the pair corrects lower, it will most likely find buyers near $2.50-2.80. On the upside, a break above $3.05 could set the pace for a move above $3.25.

Looking at the technical indicators:

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

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

Major Support Level – $2.8000

Major Resistance Level – $3.0500

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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