Ripple Price Technical Analysis – XRP/USD Under Pressure

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price came under renewed selling pressure as it moved below $0.2500 against the US Dollar.
  • There are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher but struggling to break the $0.2400 and $0.2450 resistance levels.

Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD has to move above $0.2450 to gain bullish traction in the near term.

Ripple Price Upside Hurdle

There were a couple of downside swing moves in Ripple price below $0.2500 against the US Dollar. The price failed to hold yesterday’s swing low near $0.2308 and declined further. It traded below the $0.2300 support and tested the $0.2200 zone. A low was formed at $0.2195 from where a minor correction wave was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low.

However, the price is facing many hurdles on the upside near $0.2400 and $0.2450. The current wave faced sellers near the 38.2% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low. Moreover, there are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair. The second trend line resistance, $0.2500 and the 50% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low are important. These hurdles might continue to prevent gains above $0.2500 in the near term.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.2200 swing low is a decent support. However, there are chances of XRP testing the $0.2100 support zone as well in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards 35.

Major Support Level – $0.2200

Major Resistance Level – $0.2450

 

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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