Analysis Technical

Ripple Price Analysis: XRP/USD Remains Sell Near $0.3200

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

Ripple Price Analysis: XRP/USD Remains Sell Near $0.3200

Aayush Jindal | December 7, 2018 | 7:30 am

Key Highlights

  • Ripple price fell heavily and broke the $0.3200 and $0.3000 support levels against the US dollar.
  • There is a major bearish trend line in place with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair remains in a major downtrend and recoveries remain capped near $0.3100 and $0.3200.

Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may recover in the short term, but upsides remain capped near $0.3200.

Ripple Price Analysis

The past few hours were very bearish as ripple price traded below the $0.3300 and $0.3200 supports against the US Dollar. The XRP/USD pair even broke the $0.3000 support and it is currently well below the 100 hourly simple moving average. The decline was such that buyers failed to hold the $0.2950 support. A new monthly low was formed at $0.2883 and the price is currently consolidating losses.

An initial resistance is near the 23.6% Fib retracement level of the recent slide from the $0.3398 high to $0.2883 low. However, the main hurdles for buyers are near the $0.3050 and $0.3150 levels. There is also a major bearish trend line in place with resistance at $0.3200 on the hourly chart of the XRP/USD pair. An intermediate resistance is near the $0.3140 level. It coincides with the 50% Fib retracement level of the recent slide from the $0.3398 high to $0.2883 low. The overall price action is negative and any recovery from the current levels may face sellers near $0.3100 or$0.3200.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling below the $0.3200 level and the 100 hourly SMA. If there is a downside break below $0.2880, the price could slide towards the $0.2600 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still in the oversold levels.

Major Support Level – $0.2880

Major Resistance Level – $0.3200

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