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Ripple Price Technical Analysis – XRP/USD Consolidating above $0.6200
Key HighlightsRipple price corrected lower recently from the $0.7000 swing high against the US dollar.There is a contracting triangle forming with current support at $0.6400 on the hourly chart (data source from Kraken).The pair may consolidate above the $0.6200 pivot level in the short term before it makes the next move.Ripple price is consolidating gains against the US Dollar and Bitcoin. XRP/USD must stay above the $0.6200 support to continue moving higher.Ripple Price Range SupportAfter trading close to the $0.7000 level, Ripple price faced selling interest against the US Dollar. The price started a downside correction and traded below the $0.6800 and $0.6600 support levels. There was also a break below the 50% Fib retracement level of the last leg from the $0.6240 low to $0.6995 high. However, the downside move was protected by the $0.6400 support.A low was formed at $0.6368 before the price moved back above $0.6500. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.6971 high to $0.6368 low. In the short term, there could be more range moves above the $0.6200 pivot level before buyers take control. It seems like there is a contracting triangle forming with current support at $0.6400 on the hourly chart. On the upside, a break above the 50% Fib retracement level of the last decline from the $0.6971 high to $0.6368 low may push the price towards $0.6900.Looking at the chart, the pair must clear the $0.6900 and $0.7000 resistance levels to extend gains. Above $0.7000, the price will most likely trade towards the $0.7500 level in the near term. On the downside, the $0.6400 level is an initial support. However, the most important support is at $0.6200.Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.Major Support Level – $0.6400Major Resistance Level – $0.6900
Author: Aayush Jindal
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