Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price failed to move higher and it recently traded below $0.6000 against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is likely to extend the current decline towards the next support at $0.5000.

Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may retest the $0.5000 support area in the near term.

Ripple Price Decline

There was no substantial recovery in Ripple price yesterday as it failed to move above the $0.7500 resistance area against the US Dollar. The price traded lower and it recently broke the $0.7000 support level. More importantly, there was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.

It seems like the price is under a lot of pressure and it could extend declines below $0.5500. The next major support is around the 1.236 Fib extension of the last wave from the $0.6040 low to $0.9680 high at $0.5181. However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.

Ripple Price Technical Analysis XRP USD

Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving near the oversold levels.

Major Support Level – $0.5000

Major Resistance Level – $0.6500

 

Charts courtesy – SimpleFX

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.

  • roger

    useless analysis

  • Andrew

    for me, the programs that make purchases and sales of currencies automatically, in part, are responsible for the high and low values.
    In the same way that lowered the values now will make that climb in 3 days.


Subscribe to our newsletter



Related Posts