Analysis Technical

Ripple Price Analysis: XRP/USD Nosedives, Could Test $0.3200

Aayush Jindal | August 8, 2018 | 7:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Nosedives, Could Test $0.3200

Aayush Jindal | August 8, 2018 | 7:00 am

Key Highlights

  • Ripple price tumbled sharply after there was a daily close below $0.4000 against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.3900 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently under a lot of pressure and it could decline towards the $0.3200 level.

Ripple price moved down sharply against the US Dollar and Bitcoin. XRP/USD is now well below $0.3800 and it may perhaps decline further towards $0.3200.

Ripple Price Trend

There were heavy slides below the $0.4000 support in Ripple price against the US Dollar. The XRP/USD pair broke a crucial support yesterday near the $0.4270 level, which opened the doors for more declines. Today, the price tumbled below the $0.3800 and $0.3600 support levels. The trend was such that the price even broke the $0.3500 level. A low was formed at $0.3400 and it seems like the price may continue to move down.

An initial resistance on the upside is near the 23.6% Fib retracement level of the last slide from the $0.4138 high to $0.3400 low. There is also a major bearish trend line in place with resistance at $0.3900 on the hourly chart of the XRP/USD pair. However, any major upside move from the current levels will most likely face barriers near the $0.3600 and $0.3800 levels. The 50% Fib retracement level of the last slide from the $0.4138 high to $0.3400 low is also positioned near the $0.3750 level.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price is under a solid bearish pressure and it may soon break the $0.3400 low. The next support on the downside is near the $0.3200 level. Below this, the price may even test the $0.3000 level in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 15 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3800

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