Analysis Technical

Ripple Price Analysis: XRP/USD Testing Significant Support

Aayush Jindal | August 1, 2018 | 7:00 am
Ripple Price Technical Analysis XRP USD
Analysis

Ripple Price Analysis: XRP/USD Testing Significant Support

Aayush Jindal | August 1, 2018 | 7:00 am

Key Highlights

  • Ripple price extended slides and traded below the $0.4300 support level against the US dollar.
  • There is a new connecting bearish trend line formed with resistance near $0.4325 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently trading near a major support area at $0.4250, which holds a lot of importance.

Ripple price tumbled further against the US Dollar and Bitcoin. XRP/USD must hold the $0.4250 support to avoid more declines towards the $0.4000 level.

Ripple Price Support

There was no recovery above the $0.4450 level in Ripple price against the US Dollar. The XRP/USD pair extended its decline and broke the $0.4400 and $0.4300 support levels. The decline was such that the price is now trading well below the $0.4400 level and the 100 hourly simple moving average. However, the price is currently testing a significant support near $0.4250, which acted as a barrier for sellers on many occasions.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4562 high to $0.4266 low. Moreover, there is a new connecting bearish trend line formed with resistance near $0.4325 on the hourly chart of the XRP/USD pair. Above this trend line, the price may perhaps recover towards the $0.4400 level. The next resistance is close to the 50% Fib retracement level of the last decline from the $0.4562 high to $0.4266 low. Finally, the previous support at $0.4500 is likely to act as a strong resistance for buyers.

Ripple Price Analysis XRP USD

Looking at the chart, the price is losing bearish momentum near $0.4250, which is a positive sign. Therefore, as long as the price is above $0.4250, it is likely to recover. Below this, the next support is near the $0.4000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level and is recovering.

Major Support Level – $0.4250

Major Resistance Level – $0.4400

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