Ripple Price Technical Analysis – XRP/USD To Decline Further 2017-12-06

Aayush Jindal

7 years ago

2 mins read

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Key Highlights

Ripple price is struggling to remain above the $0.2400 support and moved below $0.2380 against the US Dollar.
This is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might decline further and it could even test the $0.2300 support in the near term.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD might extend its decline and trade towards $0.2300 or $0.2200.

Ripple Price Resistance

There was no major upside move in Ripple price above the $0.2500 level against the US Dollar. The price struggled to remain above the $0.2500 level and started a downside move. During the downside move, there was a break below a couple of important supports such as $0.2450 and the 50% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. The worst part was a close below $0.2450 and the 100 hourly simple moving average.

It seems like the price could continue to move lower towards $0.2300 in the near term. The next major support is near $0.2316 and the 76.4% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. However, there are chances of it declining back towards $0.2200 in the near term. On the upside, there is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD.

The trend line resistance near $0.2450 is also around the 100 hourly SMA. Therefore, any major recovery should be limited by the $0.2450 level in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has now moved from the bullish to bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level and heading down.

Major Support Level – $0.2300

Major Resistance Level – $0.2450

Charts courtesy – Trading View, Kraken

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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