Analysis Technical

Ripple Price Technical Analysis – XRP/USD Tumbles Further

Aayush Jindal | February 23, 2018 | 6:30 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Technical Analysis – XRP/USD Tumbles Further

Aayush Jindal | February 23, 2018 | 6:30 am

Key Highlights

  • Ripple price could not hold the $0.9000 support and moved below the $0.8400 level against the US dollar.
  • There is a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is trading around the $0.8400 level and is currently trading with a bearish bias.

Ripple price failed to move higher and declined against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face resistance near $0.9000.

Ripple Price Upside Hurdle

There was an extension to yesterday’s decline in Ripple price from the $0.8800 swing high against the US Dollar. The price failed to hold the $0.9000 and $0.8400 support levels and declined further. An intraday low was formed at $0.8015 before price started a minor upside correction. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low.

However, there are many hurdles on the upside below the $0.9000 level. There is also a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair. At the moment, the price is testing the 38.2% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low. There is a chance of it moving further higher towards the $0.8700 or $0.8800 levels, but an upside break won’t be easy. Moreover, the 50% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low is at $0.8749 to act as a resistance.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.8100 and $0.8000 levels are decent supports. As long as the price is above the $0.8000 handle, it could make an attempt to recover above $0.9000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $0.9000

 

Charts courtesy – SimpleFX

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