Analysis Technical

Ripple Price Analysis: XRP’s Recovery Could Face Major Hurdles

Aayush Jindal | January 22, 2019 | 5:00 am
Ripple Price Analysis techanalysis XRP
Analysis

Ripple Price Analysis: XRP’s Recovery Could Face Major Hurdles

Aayush Jindal | January 22, 2019 | 5:00 am
  • Ripple price traded towards the $0.3100 level recently and later started a correction against the US dollar.
  • There was a break above a connecting bearish trend line with resistance at $0.3180 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently following an ascending channel with support at $0.3160 on the same chart.

Ripple price is slowly recovering against the US Dollar and Bitcoin. However, XRP/USD is likely to face a lot of hurdles on the upside near the $0.3220 and $0.3250 levels.

Ripple Price Analysis

Yesterday, there was a sharp decline in ripple price below $0.3300 similar to Ethereum and bitcoin against the US Dollar. The XRP/USD pair even broke the $0.3200 support and settled below the 100 hourly simple moving average. It traded close to the $0.3100 level and formed a low at $0.3102. Later, the price started a short term upside correction and traded above $0.3150 and $0.3160. Buyers pushed the price above the 23.6% Fib retracement level of the recent slide from the $0.3350 high to $0.3100 low.

Moreover, there was a break above a connecting bearish trend line with resistance at $0.3180 on the hourly chart of the XRP/USD pair. The pair traded towards the $0.3220 level, which acted as a solid resistance. However, there was no test of the 50% Fib retracement level of the recent slide from the $0.3350 high to $0.3100 low. Therefore, there are chances of more upsides towards the $0.3225 and $0.3250 levels. The price action is still bearish and it seems like it won’t be easy for buyers to clear the $0.3220 and $0.3250 resistances.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently following an ascending channel with support at $0.3160. There could be a short term spike towards the channel resistance, $0.3220, and the 100 hourly SMA. A failure to gain momentum above these barriers could result in a fresh decline to $0.3100.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level, with a flat bias.

Major Support Level – $0.3160

Major Resistance Level – $0.3220

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