Analysis Technical

Ripple Price Analysis: XRP/USD Must Break $0.4950 for Upside Acceleration

Aayush Jindal | October 9, 2018 | 7:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Must Break $0.4950 for Upside Acceleration

Aayush Jindal | October 9, 2018 | 7:30 am

Key Highlights

  • Ripple price is struggling near the $0.4950 and $0.5000 resistance levels against the US dollar.
  • Yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.4950 and $0.5000 hurdles to accelerate higher in the near term.

Ripple price is trading in a bearish zone against the US Dollar and Bitcoin. XRP/USD could gain upside momentum if buyers push the price above $0.4950.

Ripple Price Analysis

Yesterday, we saw a downside reaction below the $0.5000 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.4600 level and formed a low at $0.4619. Later, there was an upside correction above the $0.4800 level. There was a break above the 23.6% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low. However, the upside move was protected by the $0.5000 resistance and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bearish trend line is active with resistance at $0.4940 on the hourly chart of the XRP/USD pair. Additionally, the 50% Fib retracement level of the last slide from the $0.5283 high to $0.4619 low is at $0.4950. The pair seems to be finding a strong selling interest near the trend lines, 100 SMA, and the $0.4950 level. A break above this could increase chances of a push above the $0.5000 resistance. If buyers succeed in clearing the $0.5000 resistance, the next target could be $0.5120.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling near the $0.4950 and $0.5000 resistance levels. As long as the price is below the $0.5000 level, it could decline back to $0.4700 or $0.4600.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved back below the neutral 50 level.

Major Support Level – $0.4700

Major Resistance Level – $0.4950

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