Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

Technicals Suggest Ripple (XRP) is Setting Up For Another Rally To $0.32

NewsBTC by NewsBTC
August 3, 2020
in Analysis, Ripple, XRP, XRPUSD, xrpusdt
0
Technicals Suggest Ripple (XRP) is Setting Up For Another Rally To $0.32
0
SHARES
1
VIEWS

Ripple surged more than 30% this past week to climb above $0.3000 against the US Dollar. XRP price nosedived below $0.3250, but technicals suggest a fresh increase above $0.3150.

  • Ripple price surged above the $0.3000 and $0.3150 resistance levels against the US dollar.
  • The price dived more than 20%, but dips remained well supported above $0.2500.
  • There is a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely setting up for the next rally above the $0.3000 resistance area.

Ripple Price Could Surge Above $0.30

This past week, there was a strong increase in ripple above $0.3000, following bitcoin and ethereum’s rally. The price even surged above the $0.3120 resistance and settled well above the 100 simple moving average (4-hours).

It traded to a new multi-week high at $0.3255 before it crashed more than 20%. There was a sharp decline below the $0.3000 support zone. The price even spiked below the $0.2800 support level, but dips remained well supported near the $0.2500 level.

There is also a major bullish trend line forming with support near $0.2780 on the 4-hours chart of the XRP/USD pair. A swing low was formed near the $0.2401 and recently the price started a fresh increase. There was a break above $0.2800, plus the 50% Fib retracement level of the recent crash from the $0.3255 high to $0.2400 low.

Ripple (XRP)

Ripple (XRP) price trades near $0.2000. Source: TradingView.com

The price is now testing the 61.8% Fib retracement level of the recent crash from the $0.3255 high to $0.2400 low. On the upside, there is a strong resistance near the $0.3000 level. A successful close above the $0.3000 barrier could open the doors for more gains.

The next major resistance is near the $0.3120 level, above which the price is likely to surge towards the $0.3200 and $0.3250 levels in the coming sessions.

Downsides Likely To Be Limited in XRP

If there is another downside correction, ripple is likely to find support near $0.2850. The trend line support near $0.2800 also holds the key, below which the bulls might struggle.

If there is a bearish close below the trend line support, the price could extend its decline towards the $0.2650 and $0.2600 support levels.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is about to gain strength in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is still well above the 50 level.

Major Support Levels – $0.2850, $0.2800 and $0.2650.

Major Resistance Levels – $0.3000, $0.3050 and $0.3120.

0
0

Related posts:

No related posts.

Previous Post

OKEx Unveils Four New OKB Ecosystem Partners

Next Post

This Simple Breakout Pattern Could Resend Ethereum Price Above $400

NewsBTC

NewsBTC

Next Post
This Simple Breakout Pattern Could Resend Ethereum Price Above $400

This Simple Breakout Pattern Could Resend Ethereum Price Above $400

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In