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Ripple Price Technical Analysis – XRP/USD Extends Consolidation
- Ripple price is trading in a range above the $0.7700 support level against the US dollar.
- Yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair seems to be struggling to gain momentum above $0.8000 and the 100 hourly simple moving average.
Ripple price continues to trade in a range against the US Dollar and Bitcoin. XRP/USD may rise, but it could struggle to break the $0.8000 and $0.8200 resistances.
Ripple Price Range
There was no upside action above $0.8000 in Ripple price against the US Dollar. The price is currently trading in a range and is preparing for the next move above $0.8000. The recent low was formed at $0.7630 form where the price started rising slowly. It is currently trading near the 38.2% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low.
However, there are many barriers on the upside around the $0.8000 and $0.8200 levels. First, the 50% Fib retracement level of the last drop from the $0.8300 high to $0.7630 swing low is near $0.8000. Moreover, the stated $0.8000 is just around the 100 hourly simple moving average. Therefore, the $0.8000 level is a major resistance. A break above the stated $0.8000 resistance could clear the way for more gains. More importantly, yesterday’s highlighted monster contracting triangle pattern with current support near $0.7700 is intact on the hourly chart of the XRP/USD pair.
It seems like the pair may continue to trade in a range above $0.7700 for a few sessions. Once there is a break above $0.8000 and $0.8200, there could an extended upside move towards $0.8500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards the 65 level.
Major Support Level – $0.7700
Major Resistance Level – $0.8200
Charts courtesy – Trading View
Author: Aayush Jindal
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