Ripple Price Technical Analysis – XRP/USD Bearish U-Turn

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price extended declines and moved below the $1.80 support against the US Dollar.
  • Yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price continues to move down and it could soon break the 1.60 low to for more losses.

Ripple price faced a lot of selling pressure against the US Dollar and Bitcoin. XRP/USD could accelerate declines and it may soon test or break the $1.50 level.

Ripple Price Decline

It seems like the current bearish pressure is here to stay on Ripple price below $2.00 against the US Dollar. The price was under a lot of pressure and it moved below the $1.80 and $1.70 support levels. The downside move is strong and the price is now below the $1.65 level. Recently, there was a recovery from the $1.6062 swing low with a break of the 23.6% Fib retracement level of the last decline from the $2.38 high to $1.60 low.

However, the upside move was capped by the $2.00 handle. Moreover, the 50% Fib retracement level of the last decline from the $2.38 high to $1.60 low also acted as a resistance. More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair. It may continue to act as a strong barrier for buyers above $2.00. As long as the price is below the $2.00 handle, it remains at a risk of more losses below $1.60.

Ripple Price Technical Analysis XRP USD

A break below the $1.60 level could open the doors for a test of the $1.50 level. Below the $1.50 level, there is a chance an extension towards the $1.40 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 25 level.

Major Support Level – $1.50

Major Resistance Level – $2.00

 

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.

  • SatoshiNakamoto

    There is no extension levels. you can’t trade Selling XRP/USD because you are making money only when you are buying XRP!!! This article is total BS

  • Rajnish Kumar

    Now Ripple XRP is only buy, buy as much as you can and forget at least up to 31st March.

    • Jon

      But the coin isn’t directly linked to the success of the company… XRP may succeed, however Ripple may not.

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