Analysis Technical

Ripple Price Analysis: Can XRP/USD Hold $0.4600?

Aayush Jindal | July 10, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: Can XRP/USD Hold $0.4600?

Aayush Jindal | July 10, 2018 | 6:30 am

Key Highlights

  • Ripple price extended its decline and broke the $0.4700 support area against the US dollar.
  • Yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading near major support levels at $0.4640 and $0.4600.

Ripple price struggled to recover against the US Dollar and Bitcoin. XRP/USD is struggling and it remains at a risk of more declines below the $0.4600 support.

Ripple Price Decline

Yesterday, there was a downside correction from the $0.4880 swing high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.4800 and $0.4750 support levels. The decline was such that the price even broke the 61.8% Fib retracement level of the last leg from the $0.4630 low to $0.4880 swing high. Finally, there was a close below the $0.4750 support and the 100 hourly simple moving average.

During the slide, yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair. Currently, the price is trading near a key support at $0.4640. A break below this may push the price towards the $0.4600 support area. Any further declines depend how XRP buyers react when the price reaches $0.4600. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.

Ripple Price Analysis XRP USD

Looking at the chart, the price is at a risk of more declines below $0.4640. To recover, the price must move back above $0.4750 and the 100 hourly SMA. The $0.4750 resistance also coincides with the 50% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 30 level.

Major Support Level – $0.4600

Major Resistance Level – $0.4750

Tags: , , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.