Ripple Price Technical Analysis – XRP/USD Remains Bearish?




Ripple price stated a short-term downtrend against the US Dollar and Bitcoin. XRP/USD faces tough resistance near $0.2250 for further gains.
Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price after struggling to move above $0.2400 against the US Dollar started a short-term downtrend.
  • There is a descending channel forming with resistance at $0.2250 on the hourly chart of XRP/USD (data source from Kraken).
  • The upside remains capped with support on the downside near $0.2050.

Ripple price stated a short-term downtrend against the US Dollar and Bitcoin. XRP/USD faces tough resistance near $0.2250 for further gains.

Ripple Price Resistance

Ripple price recovered well recently towards $0.24 against the US Dollar this past week. However, the upside move faced a lot of sellers near the $0.24 area. Later, the price stated declining and moved below the $0.23 level. The price is following a bearish path below $0.23 and the 100 hourly simple moving average. The price declined and tested the $0.2050 support area.

There was a bounce back, but the upside was capped by a descending channel with resistance at $0.2250 on the hourly chart of XRP/USD. The pair is once again attempting a bounce back and trading above the 23.6% Fib retracement level of the last decline from the $0.2280 high to $0.2070 low. An initial resistance is around $0.2200 and the 100 hourly simple moving average.

Ripple Price Technical Analysis XRP USDRipple

Moreover, the 61.8% Fib retracement level of the last decline from the $0.2280 high to $0.2070 low is also near $0.2200. Above $0.2200, the channel resistance sits at $0.2250. Therefore, if the price continues to correct higher, it is likely to face sellers near $0.2200-0.2250. Only a proper close above $0.2250 would call for a test of $0.24. On the downside, the $0.2050 is a decent short-term support, followed by $0.2000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher, but remains well below the 50 level.

Major Support Level – $0.2050

Major Resistance Level – $0.2250

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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