Analysis Technical

Ripple Price Analysis: XRP/USD Facing Hurdles Near $0.5450

Aayush Jindal | October 5, 2018 | 7:28 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Facing Hurdles Near $0.5450

Aayush Jindal | October 5, 2018 | 7:28 am

Key Highlights

  • Ripple price failed to break the $0.5450 and $0.5550 resistance levels against the US dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to face a lot of hurdles near the $0.5450 and $0.5500 resistance levels.

Ripple price is struggling to retain gains against the US Dollar and Bitcoin. XRP/USD may perhaps decline below $0.5100 as long as it is below $0.5500.

Ripple Price Analysis

Yesterday, we saw a decent recovery from the $0.5020 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.5200 and $0.5300 levels. It even traded above the 23.6% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. However, the upside move was capped by the $0.5450 and $0.5500 resistance levels (the previous supports).

There was no test of the 50% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. The price is currently moving lower from the $0.5420 level. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair. The trend line resistance and $0.5450 are close to the 100 hourly simple moving average. Therefore, if the price corrects higher, it could face a lot of hurdles near the $0.5450 and $0.5500 resistance levels. Above $0.5500, the price is likely to visit the $0.5720 level and the 76.4% Fib retracement level of the last drop.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly at risk of more losses towards the $0.5020 swing low. If sellers remain in control, there are high chances of a test of the $0.5000 support area as well.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving lower in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 45 level.

Major Support Level – $0.5020

Major Resistance Level – $0.5500

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.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

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