Analysis Technical

Ripple Price Technical Analysis – XRP/USD Recovery is Fading?

Aayush Jindal | February 1, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Recovery is Fading?

Aayush Jindal | February 1, 2018 | 6:30 am

Key Highlights

  • Ripple price started an upside recovery after trading as low as $0.9599 against the US dollar.
  • There was a break above a short-term connecting bearish trend line at $1.0500 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair seems to be struggling to recover above $1.0880 and is moving lower once again.

Ripple price is recovering against the US Dollar and Bitcoin. However, XRP/USD seems to be struggling to gain momentum and it could decline once again.

Ripple Price Resistance

Yesterday, we saw a major decline from the $1.1250 swing high in Ripple price against the US Dollar. The price made a downside move and declined below the $1.0000 support area. It traded as low as $0.9599 before starting an upside correction. It managed to move above the 23.6% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low.

Moreover, there was a break above a short-term connecting bearish trend line at $1.0500 on the hourly chart of the XRP/USD pair. The pair traded close to the 38.2% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low. However, the pair faced a lot of sellers near the $1.0800 and $1.0900 levels. The mentioned $1.0800 level was a support earlier and now it is acting as a resistance. At the moment, it seems like the current recovery is facing and the price may move back below $1.0000.

Ripple Price Technical Analysis XRP USD

On the upside, a proper break above the 1.0900 level is needed. Above the mentioned $1.0900 level, the next hurdle is near the 50% Fib retracement level of the last drop from the $1.3419 high to $0.9599 low at $1.1509.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has reduced most of its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is once again moving lower and is currently below 50.

Major Support Level – $1.0000

Major Resistance Level – $1.0900

 

Charts courtesy – SimpleFX

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