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Ripple technical analysis: Can XRP/USD stay above $0.40?

  • XRP/USD has broken above the psychological $0.40 mark, gaining support above several important technical levels.
  • Bollinger bands and MACD oscillator indicate increasing volatility and bullish momentum in Ripple.

XRP/USD daily chart

XRP/USD went up from $0.393 to $0.402 throughout this Wednesday. In the early hours of Thursday, the price of XRP/USD went up further to $0.408. The price has gained support on the upward trending line. Immediate resistance lies at $0.41.

The daily XRP/USD is trending below the 20-day simple moving average (SMA 20) curve and above the SMA 200 and SMA 50 curves. The Elliot oscillator has now gone into the negative zone following 13 straight bearish sessions.

XRP/USD 4-hour chart

The latest session of the 4-hour XRP/USD price has gone above the upper curve of the 20-day Bollinger band, indicating that the price is overvalued. The five latest sessions are trending above the SMA 20 curve.

The widening of the Bollinger jaw shows increasing market volatility. The signal line is diverging away from the moving average convergence/divergence (MACD) line, indicating increasing bullish momentum.

XRP/USD hourly chart

The hourly XRP/USD was trending in a downward channel formation before the bulls took the price up from $0.399 to $0.408 within three hours.

The price was trending in the green Ichimoku cloud before the price had a bullish breakout. The relative strength index (RSI) indicator has crept into the overbought zone and is trending at 71.

Key Levels

XRP/USD

Overview
Today last price0.4089
Today Daily Change0.0061
Today Daily Change %1.51
Today daily open0.4028
 
Trends
Daily SMA200.4143
Daily SMA500.3677
Daily SMA1000.3459
Daily SMA2000.3388
Levels
Previous Daily High0.4041
Previous Daily Low0.3889
Previous Weekly High0.4646
Previous Weekly Low0.3839
Previous Monthly High0.4741
Previous Monthly Low0.2917
Daily Fibonacci 38.2%0.3983
Daily Fibonacci 61.8%0.3947
Daily Pivot Point S10.3931
Daily Pivot Point S20.3834
Daily Pivot Point S30.3779
Daily Pivot Point R10.4084
Daily Pivot Point R20.4139
Daily Pivot Point R30.4236


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
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Ripple technical analysis: Can XRP/USD stay above $0.40?