Altcoins Analysis Technical

Ripple Technical Analysis – XRP/USD Struggling to Gain Momentum

Aayush Jindal | January 22, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Altcoins

Ripple Technical Analysis – XRP/USD Struggling to Gain Momentum

Aayush Jindal | January 22, 2018 | 6:30 am

Key Highlights

  • Ripple price traded toward the $1.7500 level before facing selling pressure against the US dollar.
  • There is a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may continue to correct lower in the short term toward the $1.3000 and $1.2500 support levels.

Ripple price is slowly moving down against the US Dollar and Bitcoin. XRP/USD has to break the $1.5000 resistance to gain upside momentum toward $1.7500.

Ripple Price Resistance

After a nice upside move above the $1.7000 level, Ripple price struggled to gain momentum against the US Dollar. The price formed a high near $1.7440 and started a downside correction. It moved down and broke the $1.6000 support and the 23.6% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. More importantly, there was a break below the $1.5000 support and the 100 hourly simple moving average.

XRP price is currently testing the 50% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. As long as the price is below the $1.5000 resistance, it remains at a risk of more declines in the near term. The stated $1.5000 resistance is close to the 100 hourly SMA. Therefore, if the price moves higher, it could face sellers near $1.5000. There is also a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD.

Ripple Price Technical Analysis XRP USD

On the downside, the $1.3000 level is a decent support. Should there be a break below $1.3000, the price could test the $1.2500 and $1.2000 levels. Any further declines would call for a test of the $1.0000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.

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

Major Support Level – $1.3000

Major Resistance Level – $1.5000

 

Charts courtesy – Trading View, Kraken

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.