Ripple Price Technical Analysis XRP USD

Ripple Price Technical Analysis – XRP/USD Back to Square One

Avatar Aayush Jindal 2 years ago

Key Highlights

  • Ripple price failed to remain in a bullish zone and broke the $0.9450 support against the US dollar.
  • Yesterday’s short-term connecting bullish trend line with support at $0.9400 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently under pressure and it may fall back towards the $0.8800.

Ripple price declined further in the bearish zone against the US Dollar and Bitcoin. XRP/USD may accelerate declines towards or below $0.8800.

Ripple Price Decline

There was no recovery above $1.00 yesterday in Ripple price against the US Dollar. The price extended declines and moved below a major support area near $0.9400. The decline was substantial as the price closed below the $0.9200 support as well. There was even a close below the 100 hourly simple moving average and the price traded as low as $0.8928.

During the downside move, yesterday’s short-term connecting bullish trend line with support at $0.9400 was broken on the hourly chart of the XRP/USD pair. It opened the doors for more gains and the price is now at a risk of more declined below $0.8900. An initial resistance on the upside is around the 23.6% Fib retracement level of the last decline from the $0.9802 high to $0.8928 low. There are many hurdles on the upside near the $0.9400 level and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last decline from the $0.9802 high to $0.8928 low is at $0.9356.

Ripple Price Technical Analysis XRP USD

On the downside, the recent low of $0.8928 is a short term support. A break below the mentioned level could push the price towards $0.8800. Any further losses below $0.8800 could be very bearish for XRP in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.8800

Major Resistance Level – $0.9400

 

Charts courtesy – Trading View

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nexo

Instant loans by local bank transfer using your crypto as collateral without selling it. Earn up to 8% interest per year on your Stablecoins & EUR.

Ad
KuCoin

Kucoin is the most trusted crypto exchange with 200 tokens.

Ad
Show comments