Bank Sponsored
Ripple Price Technical Analysis XRP USD

Ripple Price Technical Analysis – XRP/USD Upsides Remain Capped

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ripple price is trading below a major resistance at $1.42-1.44 against the US dollar.
  • This week’s highlighted crucial bearish trend line with current resistance at $1.4200 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $1.45 resistance and settle above the 100 hourly simple moving average.

Ripple price is struggling to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD has to overcome a major hurdle at $1.45-1.50 to resume its uptrend.

Ripple Price Resistance

The last low of $1.1316 is holding losses in Ripple price against the US Dollar. However, the price seems to be struggling to gain traction above $1.50. It recently recovered above the 50% Fib retracement level of the last leg down from the $1.635 high to $1.131 low. But, the upside move was capped by the $1.45 resistance and the 100 hourly simple moving average.

Moreover, the 61.8% Fib retracement level of the last leg down from the $1.635 high to $1.131 low acted as a resistance. Most importantly, this week’s highlighted crucial bearish trend line with current resistance at $1.4200 is still in place on the hourly chart of the XRP/USD pair. Therefore, the pair is facing a major upside hurdle at $1.45 and the 100 hourly SMA. A proper close above the started $1.45 resistance is needed for buyers to get control. The next major resistance above $1.45 sits at $1.65.

Ripple Price Technical Analysis XRP USD

On the downside, the recent low of $1.13 is a decent support. An immediate support is at $1.22. If the price fails to stay above the $1.22 support, then it could even break the $1.13 low for more declines.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving to and fro around the 50 level.

Major Support Level – $1.2200

Major Resistance Level – $1.4500

 

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...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
AMFEIX

Invest In The Best Performing Fund Of 2020 - 45%+ Estimated APR

Ad
Show comments