Ripple Price Technical Analysis – XRP/USD Struggling to Hold $1.00

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price made a sharp downside move and broke the $1.00 support against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently struggling to hold the $1.00 level and it may decline back towards $0.8500.

Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD might decline further and it could retest the $0.8500 support area.

Ripple Price Trend

There was no respite for buyers as Ripple price extended its decline from the $1.2000 swing high against the US Dollar. After a minor correction towards the $1.50 level and the 38.2% Fib retracement level of the last drop from the $2.08 high to $1.49 low, the price faced sellers. It started a fresh downside wave and broke the $1.49 low and the $1.20 support. The decline was strong as sellers pushed the price below the $1.00 support. It traded close to the $0.8000 level.

A low was formed at $0.8399 from where an upside correction was initiated. It recovered above the 23.6% Fib retracement level of the last decline from the $1.9027 high to $0.8399 low. However, there are many resistances on the upside such as $1.35 and $1.50. An initial hurdle is around the 50% Fib retracement level of the last decline from the $1.9027 high to $0.8399 low at $1.3713. Above this last, there a crucial bearish trend line forming with resistance at $1.50 on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

Therefore, there is a major resistance near $1.35-1.50. As long as the price is below $1.50, there is a risk of a breakdown toward $0.8500 once again.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

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

Major Support Level – $1.00

Major Resistance Level – $1.50

 

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.


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