Analysis Technical

Ripple Price Analysis: XRP Holding Important Support, Can It Recover?

Aayush Jindal | January 8, 2019 | 5:00 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP Holding Important Support, Can It Recover?

Aayush Jindal | January 8, 2019 | 5:00 am
  • Ripple price traded lower recently and tested the $0.3580 support against the US dollar.
  • There is a major bullish trend line with support at $0.3530 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could recover above $0.3650 as long as it is above the $0.3530 and $0.3580 supports.

Ripple price corrected lower recently against the US Dollar and Bitcoin. XRP/USD must stay above $0.3530 to start a fresh upward move in the near term.

Ripple Price Analysis

After forming a high near the $0.3760 level, ripple price started a downside correction against the US Dollar. The XRP/USD pair traded below the $0.3700 and $0.3650 supports levels. The decline was such that the price traded below the $0.3620 support as well. Sellers later pushed the price below the 50% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high.

However, the price is now trading near the important $0.3580 support. The 100 hourly simple moving average is also positioned near the $0.3580 level. Besides, the 61.8% Fib retracement level of the last leg from the $0.3470 low to $0.3761 high is at $0.3581. Therefore, the $0.3580 support holds a lot of significance for buyers in the near term. If there is a break below $0.3580, the price may drop towards the $0.3530 support. There is also a major bullish trend line with support at $0.3530 on the hourly chart of the XRP/USD pair. The trend line support at $0.3530 is close to the 76.4% Fib retracement level of the last leg. On the upside, an initial resistance is near $0.3620 and a bearish trend line on the same chart.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly trading near a major support at $0.3580. As long as it is trading above the $0.3580 and $0.3530 supports, there are chances of a recovery.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now placed heavily in the bearish zone, signaling more losses.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, which is a negative sign.

Major Support Level – $0.3580

Major Resistance Level – $0.3620

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