Altcoins Analysis

Ripple Price Technical Analysis – Can XRP/USD Break This?

Aayush Jindal | September 12, 2017 | 5:08 am
Ripple Price Technical Analysis XRP USD
Altcoins

Ripple Price Technical Analysis – Can XRP/USD Break This?

Aayush Jindal | September 12, 2017 | 5:08 am

Key Highlights

  • Ripple price made an attempt to settle above the $0.2250 resistance against the US Dollar, but failed.
  • Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD (data source from Kraken) is intact.
  • The price needs to settle above the $0.2250 level in order to gain traction.

Ripple price failed to hold gains against the US Dollar and Bitcoin. Let’s see if XRP/USD can settle above the $0.2250 level or not.

Ripple Price Upside Hurdle

In yesterday’s analysis, we saw a major hurdle for Ripple price around $0.2250 against the US Dollar. The price slowly moved higher and traded above the $0.2250 level. There was even a break above the 76.4% Fib retracement level of the last drop from the $0.2285 high to $0.2065 low. However, it turned out to be a false break, as the price moved back below $0.2250. Yesterday’s highlighted descending channel with current resistance at $0.2230 on the hourly chart of XRP/USD acted as a barrier.

The price failed to settle above the channel resistance area at $0.2250 and moved down. A high was formed at $0.2302 before a pullback. The price dropped and moved below the 50% Fib retracement level of the last wave from the $0.2075 low to $0.2302 high and the 100 hourly simple moving average. There is a new connecting bullish trend line with support at $0.2150, which is acting as a support.

Ripple Price Technical Analysis XRP USD

As long as the price is above the trend line support at $0.2150, buyers might attempt another upside break. They need to place the price comfortably above $0.2250 for further gains towards the $0.24 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is under pressure and struggling to move higher.

Major Support Level – $0.2150

Major Resistance Level – $0.2250

 

Charts courtesy – Trading View, Kraken

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