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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  • Fghjj

    Down to $0.64

    • Btc down $1000 to $9200 at the same time, but lets ignore that eh….

    • Dan

      Where did u get the $0.64 price of ripple, almost 6 hours ago? Which site/charts showed tht price? Cause i can see it around aprox $1.00. If u cld help where u got tht frm?

    • Dan

      Where did u get the $0.64 price of ripple, almost 6 hours ago? Which site/charts showed tht price? Cause i can see it around aprox $1.00. If u cld help where u got tht frm?

  • Jason

    Why does this matter? It’s Bitcoin that is falling and dragging all those down with her. Once Bitcoin recovers or moves over XRP will rise

  • Once shitcoin disappears up its own outdated asshole all wl be well 😎

    • gruglet

      Bitcoin was groovy for buying “products” on the dark web back in 2011 ✌but now its just overhyped, overpriced and outdated. Time for the new generation to move in. If xrp can’t generate sufficient traction with its actual useage then the crypto world will be proven to be a purely speculative market with no basis in actual reality.

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