Price Analysis: XRP / USD Reverses from Key Support at $ 0.3120

Key Points

  • The price of undulations has found a strong buying interest around $ 0.3120 and has recovered sharply against the US dollar
  • C & # 39; above a key linking the bearish trend line with resistance at $ 0.3340 on the hourly chart of the XRP / USD pair (data source from Kraken).
  • The pair has tested resistance of $ 0.3550 and is consolidating gains above $ 0.3200.

The price of ripple reversed yesterday's losses and gained traction against the US dollar and Bitcoin. XRP / USD broke the $ 0.3350 level to move into a positive zone.

Ripple Price Upside Move

Yesterday, we saw a bearish reaction below the $ 0.3300 level in Ripple's price against the US dollar. The XRP / USD pair tested an important support area close to $ 0.3120 in which buyers emerged. A minimum was formed at $ 0.3125 before the price started an upward recovery. The price broke the resistance of $ 0.3300 to start a decent recovery. Later, it canceled the Fib retracement level for the 61.8% Entry from the last fall from $ 0.3534 to $ 0.3125 minimum.

He opened the door for further gains above $ 0.3400. More importantly, there was a break above a key linking the downtrend line with resistance at $ 0.3340 on the hourly chart of the XRP / USD pair. The pair even exceeded the $ 0.3500 level and positioned above the 100-hour simple moving average. At present, the price is correcting lower and trading near $ 0.3440. Initial support is the Fib 23.6% retracement level of the last wave from $ 0.3125 low to $ 0.3540 high. Below $ 0.3440, the next major support is $ 0.3330 and the 100-hour SMA.

 XRP Corrugation Price Analysis USD

Looking at the chart, the ripple has moved to a positive zone above $ 0.3350. On the upside, a break above the resistance from $ 0.3500 and $ 0.3540 will most likely erase the road for further gains.

Looking at the technical indicators:

MACD timetable – The MACD for XRP / USD is now back in the bullish zone.

RSI Time (Relative Strength Index) – The RSI for XRP / USD is showing positive signs above level 60.

Major Support Level – $ 0.3350

Major Resistance Level – $ 0.3540

Source link