Cryptocurrency

Ripple Price Analysis: Break Above $0.4550 Could Push XRP Higher

Photo: Flickr

Key Highlights

  • Ripple price is struggling to clear the $0.4540 and $0.4550 resistance levels against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.4540 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must clear the $0.4540, $0.4550 and $0.4610 resistance levels to accelerate higher.

Ripple price is preparing for the next break against the US Dollar and Bitcoin. XRP/USD remains supported on dips near $0.4410 for an upside break.

Ripple Price Analysis

There were mostly range moves above the $0.4410 support level in ripple price against the US Dollar. The XRP/USD pair recently dipped after testing the $0.4610 resistance area. It declined below $0.4500 and the 100 hourly simple moving average. However, there was no test of the $0.4410 support and the price formed a low at $0.4439. Later, it recovered and moved above the $0.4500 level.

There was also a break above the 23.6% Fib retracement level of the last slide from the $0.4613 high to $0.4439 low. On the upside, there is a strong barrier formed near the $0.4540 and $0.4550 resistance levels. There is also a major bearish trend line in place with resistance at $0.4540 on the hourly chart of the XRP/USD pair. Besides, the 50% Fib retracement level of the last slide from the $0.4613 high to $0.4439 low is at $0.4526 to prevent upsides along with the 100 hourly SMA. Therefore, a proper break above the trend line and the $0.4550 resistance could open the doors for more gains in the near term.

Ripple Price Analysis XRP Chart

 

Looking at the chart, ripple price is well supported near the $0.4410 level. If there is a downside break below $0.4410 and $0.4400, the price may decline sharply towards $0.4200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.

Major Support Level – $0.4410

Major Resistance Level – $0.4550

Source: https://www.newsbtc.com/2018/10/23/ripple-price-analysis-break-above-0-4550-could-push-xrp-higher/

Telegrowth
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