Analysis Technical

Ripple Price Analysis: XRP/USD At Risk Of More Losses

Aayush Jindal | November 23, 2018 | 4:28 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD At Risk Of More Losses

Aayush Jindal | November 23, 2018 | 4:28 am

Key Highlights

  • Ripple price failed to move above the $0.4400 and $0.4500 resistances and declined against the US dollar.
  • There was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to break the recent low of $0.4000 to extend the current decline in the near term.

Ripple price failed to gain momentum against the US Dollar and Bitcoin. XRP/USD is down below $0.4300 and it could continue to move down.

Ripple Price Analysis

The past three sessions were pretty bearish as ripple price failed to break the $0.4500 resistance against the US Dollar. The XRP/USD pair even struggled to clear the $0.4400 resistance and remained well below the 100 hourly simple moving average. During the decline, there was a break below the 61.8% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high.

Moreover, there was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair. The pair is now trading well below the $0.4400 resistance and the 100 hourly SMA. The current price action is clearly negative below the 76.4% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high. It seems like there are high chances of more losses below the $0.4060 support. If sellers gain control, the price may even clear the $0.4000 support area for an extended decline.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price remains at a risk of more losses below $0.4100. On the upside, an initial resistance is near the $0.4300 level. However, a proper break above the $0.4450 level is needed for buyers to gain strength in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.

Major Support Level – $0.4000

Major Resistance Level – $0.4450

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.