Ripple Losses Favored, Bitcoin & Ethereum In Steady Decrease

Aayush Jindal

1 year ago

2 mins read

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Ripple price is now trading well below the $0.2000 and $0.1950 supports against the US dollar.
XRP is facing hurdles, while bitcoin and Ethereum are declining steadily.
There is a connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could continue to decline unless it rallies above $0.1950 and $0.2000.

Ripple price is trading in a bearish zone against the US Dollar, while BTC and ETH are moving lower. XRP price is likely to slide towards the $0.1800 level in the near term.

Ripple Price Analysis

After a failed attempt to surpass the $0.2000 resistance, ripple price started a fresh decrease against the US Dollar. Moreover, bitcoin and Ethereum faced an increase in selling in the last two days, putting further pressure on XRP.

The price settled below the $0.1900 support area and the 100 hourly simple moving average. It opened the doors for more losses and the price traded towards the $0.1850 level.

A low is formed near $0.1861 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $0.1934 high to $0.1861 low.

However, the price is struggling to climb above the $0.1880 and $0.1890 resistance levels. Besides, the 50% Fib retracement level of the recent decline from the $0.1934 high to $0.1861 low is also acting as a strong resistance,

More importantly, there is a connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.1900 level and the 100 hourly SMA.

If there is a successful close above the 100 hourly SMA, ripple price might make another attempt to break the $0.2000 resistance area. If it succeeds, there could be strong gains above $0.2020 in the near term.

If not, the price may perhaps continue to move down below $0.1860 and $0.1850. Additionally, the next major support is near the $0.1800 level, below which there is an open space up to $0.1720.

Looking at the chart, ripple price is showing bearish signs below $0.1900 and it remains at a risk of more losses, especially if both bitcoin and Ethereum continues to move down in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above 50, with a few bullish signs.

Major Support Levels – $0.1860, $0.1850 and $0.1800.

Major Resistance Levels – $0.1890, $0.1900 and $0.1920.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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