Ripple Price Technical Analysis – XRP/USD To Decline Further




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 Technical Analysis XRP USD

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.

Ripple Price Technical Analysis 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

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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