Ripple Price Technical Analysis – XRP/USD Struggling to Gain Momentum

Ripple Price Technical Analysis XRP USD

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

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.

  • Arto Kalishian

    Dear Ayush, I am very interested to know how to analyze crypto trading charts as skillfully as professionally as you. Could you please give references and resources I can read? I’m interested to know about the Fib Retracement, chart indicators and also if there are good software to invest in for long term analysis. Highly appreciated, Good Job!

    • Dear Arto,

      To be honest, it comes with experience, reading and a lot of market knowledge. If you want to learn, then you should start reading about the markets, indicators and other stuff. There are many good resources available online.

      Best,
      Aayush


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