Ripple Price Technical Analysis – XRP/USD To Retest $0.2000?




Ripple price is back to the range support levels against the US Dollar and Bitcoin. XRP/USD might decline further to test the $0.2000 support area.
Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price failed to remain above the $0.2200 level and moved down against the US Dollar.
  • This week’s highlighted descending channel with current resistance at $0.2200 on the hourly chart of XRP/USD (data source from Kraken) is still in place.
  • The price is currently trading near an important support level at $0.2060.

Ripple price is back to the range support levels against the US Dollar and Bitcoin. XRP/USD might decline further to test the $0.2000 support area.

Ripple Price Support

Yesterday, Ripple price was seen making an attempt to settle above the $0.2250-0.2230 resistance against the US Dollar. The price failed to gain momentum and declined below $0.2200. There was a break below a major bullish trend line with support at $0.2150 on the hourly chart of BCH/USD. The pair also moved below the $0.2100 support and the 100 hourly simple moving average. It opened the doors for more declines and the price moved towards an important support at $0.2060.

The stated $0.2060 support is currently holding losses. On the upside, an initial resistance is around $0.2159. It is the 50% Fib retracement level of the last drop from the $0.2250 high to $0.2060 low. However, the most important hurdle is around this week’s highlighted descending channel with current resistance at $0.2200. It won’t be easy for buyers to push the price above $0.2200 and the channel resistance. On the downside, a break below $0.2060 could take the price towards $0.2000.

Ripple Price Technical Analysis XRP USD

The $0.2000 support is key and must hold to avoid a major change in the trend. We can witness more ranging moves in the near term before the price attempts a recovery towards $0.2200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the oversold levels.

Major Support Level – $0.2060

Major Resistance Level – $0.2200

 

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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