Analysis Crypto Technical

Ripple Price Technical Analysis – XRP/USD Upsides Remain Capped

Aayush Jindal | January 24, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Upsides Remain Capped

Aayush Jindal | January 24, 2018 | 6:30 am

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

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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