Ripple Price Analysis: XRP/USD Broke Key Resistance, Could Test $0.3400

2018-8-27 10:00

Key Highlights Ripple price formed a decent support near the $0.3200 level and climbed higher against the US dollar. There was a break above a major bearish trend line with resistance at $0.3240 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is moving higher and it seems like it could test the $0.3400 level in the near term.

Ripple price is climbing higher against the US Dollar and Bitcoin. XRP/USD is likely to slowly rise towards the $0.3400 and $0.3450 resistance levels.

Ripple Price Support

After testing the $0.3120 support once again, Ripple price recovered higher against the US Dollar. The XRP/USD pair traded above the $0.3200 level and also formed a decent support base near $0.3190-0.3200. Later, the price started a fresh upside move and traded above the 23.6% Fib retracement level of the last slide from the $0.3541 high to $0.3090 low.

The price also traded above the $0.3250 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major bearish trend line with resistance at $0.3240 on the hourly chart of the XRP/USD pair. The pair traded above the $0.3260 level and is currently trading in a positive zone. The immediate resistance is $0.3315 and the 50% Fib retracement level of the last slide from the $0.3541 high to $0.3090 low. A break above $0.3315 may perhaps open the doors for a push towards the $0.3400 resistance. If there is a downside correction, the $0.3250 and $0.3200 levels are likely to act as supports.

Looking at the chart, ripple price is trading with a positive bias above $0.3200. The recent break is signaling more upsides above the $0.3300 and $0.3350 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.

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

Major Support Level – $0.3200

Major Resistance Level – $0.3400

The post Ripple Price Analysis: XRP/USD Broke Key Resistance, Could Test $0.3400 appeared first on NewsBTC.

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