Categories: AnalysisTechnical

Ripple (XRP) Price Testing Key Support: More Range Moves Likely

  • Ripple price struggled to break the $0.4080 and $0.4085 resistance levels against the US dollar.
  • The price declined recently and traded below the $0.4000, $0.3950 and $0.3840 support levels.
  • This week’s followed bullish trend line was breached with support near $0.3960 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is now trading near a major support area close to the $0.3650 and $0.3620 levels.

Ripple price moved lower within a range against the US Dollar and bitcoin. XRP is currently holding the key $0.3620 support and it is likely to climb higher towards $0.3950 or $0.4000.

Ripple Price Analysis

Recently, ripple price climbed steadily above $0.3950 and $0.4000 against the US Dollar. The XRP/USD pair even traded above the $0.4050 level and the 100 hourly simple moving average. However, the pair struggled to break the $0.4080 and $0.4085 resistance levels. As a result, there was a bearish reaction and the price declined below the $0.4050 and $0.4000 support levels. Besides, there was a clear break below the $0.3950 support and the 100 hourly SMA.

More importantly, this week’s followed bullish trend line was breached with support near $0.3960 on the hourly chart of the XRP/USD pair. The pair declined below $0.3800 and tested the $0.3650 level. A swing low is formed at $0.3653 and the price is currently consolidating losses. An initial resistance is near the $0.3760 level and the 23.6% Fib retracement level of the downward move from the $0.4138 high to $0.3653 low. On the upside, the main resistance is near the $0.3900 and $0.3950 levels.

The 100 hourly SMA is close to the $0.3950 level to act as a key hurdle. An intermediate resistance is the 50% Fib retracement level of the downward move from the $0.4138 high to $0.3653 low. On the downside, there are key supports near the $0.3650 and $0.3620. If there is a bearish break below the $0.3620 range support, the price will likely move into a bearish zone.

Looking at the chart, ripple price is clearly trading above major supports near $0.3620 and it is likely to bounce back. On the upside, the previous supports near $0.3900 and $0.3950 are likely to prevent upsides. However, a successful close above $0.4000 might start a strong upward move towards $0.4100 or even $0.4200. On the flip side, a successful close below $0.3620 could push the price back towards $0.3500.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is c

urrently recovering and it could move towards 45.

Major Support Levels – $0.3650, $0.3620 and $0.3500.

Major Resistance Levels – $0.3900, $0.3950 and $0.4000.

Ripple (XRP) Price Testing Key Support: More Range Moves Likely was last modified: May 23rd, 2019 by Aayush Jindal
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