Bitcoin Touched $12K While Ripple Price (XRP) Is Still Consolidating
- Ripple price remained in broad range and recently tested the $0.4070 level against the US dollar.
- The price is currently trading above the $0.4000 support, but it is facing many hurdles on the upside.
- There is a connecting bullish trend line forming with support at $0.4008 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either break $0.4075 and climb higher or decline again below $0.4000.
Ripple price is still consolidating in a broad range against the US Dollar, while bitcoin climbed towards $12,000. XRP price must break $0.4075 and $0.4140 to continue higher.
Ripple Price Analysis
In the past few sessions, there was strong rise in bitcoin price above $11,500, but ripple price remained in a range against the US Dollar. The XRP/USD pair started a slow and steady rise from the $0.3814 swing low. It broke the $0.3920 and $0.4000 resistance levels. There was also a break above the $0.4050 level and the 100 hourly simple moving average. However, the price struggled to clear the $0.4070 resistance.
It corrected lower below $0.4050 plus the 23.6% Fib retracement level of the upward move from the $0.3814 low to $0.4068 high. However, the $0.3960 level acted as a support and the price climbed back above the 100 hourly SMA. Moreover, it stayed above the 50% Fib retracement level of the upward move from the $0.3814 low to $0.4068 high.
There is also a connecting bullish trend line forming with support at $0.4008 on the hourly chart of the XRP/USD pair. If there is a downside break below the trend line and the 100 hourly SMA, ripple price could accelerate losses below $0.3950. The next major support is near the $0.3850 level, below which there is a risk of more losses towards the $0.3750 level.
On the upside, an immediate resistance is near the $0.4070 level. If there is an upside break above $0.4070, the price could rise towards the next major resistance near $0.4140. Any further gains is likely to push the price towards the $0.4200 and $0.4220 resistance levels.
Looking at the chart, ripple price is clearly trading in a broad range and seems to be preparing for the next break either above $0.4070 or below $0.4000. If it fails to continue higher, there are chances of sharp declines below $0.3950 and $0.3900. Conversely, a close above $0.4100 might improve the market sentiment.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level.
Major Support Levels – $0.4000, $0.3920 and $0.3850.
Major Resistance Levels – $0.4070, $0.4140 and $0.4200.
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via https://www.ohnocrypto.com
Aayush Jindal, Khareem Sudlow
