Analysis Crypto

Ripple Price Tech Analysis – XRP/USD Testing Crucial Support

Aayush Jindal | October 10, 2017 | 5:08 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Tech Analysis – XRP/USD Testing Crucial Support

Aayush Jindal | October 10, 2017 | 5:08 am

Key Highlights

  • Ripple price is correcting lower and is currently testing a major support area near $0.2400 against the US Dollar.
  • Yesterday’s highlighted crucial bullish trend line with support at $0.2500 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is trading near a major support area of $0.2400-0.2350, which must hold further losses.

Ripple price started a downside correction against the US Dollar and Bitcoin. XRP/USD is now trading above a major support of $0.2350.

Ripple Price Downsides Limited

There was a minor decline in Ripple price from the $0.2803 swing high against the US Dollar. The price moved below the $0.2650 support and the 23.6% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high. It opened the doors for an extended correction and the price moved below $0.2550. During the downside move, there was a break below yesterday’s highlighted crucial bullish trend line with support at $0.2500 on the hourly chart of the XRP/USD pair.

The price moved below the $0.2500 support and the 100 hourly simple moving average. However, the 50% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is holding losses. There is a clear major support forming near $0.2400-0.2350, which must hold further losses. There is a chance of a dip towards $0.2350-30 to fill buy orders before the price recovers.

Ripple Price Technical Analysis XRP USD

The 61.8% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is also near $0.2297 to prevent declines. On the upside, the price needs to move back above the $0.2550 resistance to gain momentum.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed well into the bearish zone.

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

Major Support Level – $0.2350

Major Resistance Level – $0.2550

 

Charts courtesy – Trading View, Kraken

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