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Ripple Price Analysis techanalysis XRP

Ripple Price Analysis: XRP Aims New Weekly Low

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ripple price is under pressure as it broke the $0.3040 and $0.3000 supports against the US dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to extend losses below the $0.2870 support zone in the near term.

Ripple price is failed to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD declined below $0.3000 and it may drop further below $0.2870.

Ripple Price Analysis

Recently, ripple price corrected above the $0.3040 and $0.3120 resistances against the US Dollar. The XRP/USD pair traded close to the $0.3180 resistance, which acted as a barrier for buyers. A short term top was formed at $0.3177 and later the price started a downside move. It declined heavily and moved below the $0.3040 and $0.3000 support levels. Sellers even pushed the price below the 76.4% Fib retracement level of the last wave from the $0.2904 low to $0.3177 high.

There was a close below $0.3000 and the 100 hourly simple moving average. The price traded close to the $0.2900 swing low. It is currently consolidating losses, with an initial resistance at $0.3000. Moreover, yesterday’s highlighted key bearish trend line is intact with resistance at $0.3000 on the hourly chart of the XRP/USD pair. Therefore, if the price corrects higher, it is likely to face sellers near $0.3000 and the 100 hourly SMA. Should there be an upside break above $0.3000, the price may correct towards $0.3040.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price may extend losses below $0.2870. Sellers could push the price towards the $0.2740 level. It represents the 1.618 Fib extension level of the last wave from the $0.2904 low to $0.3177 high.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level.

Major Support Level – $0.2870

Major Resistance Level – $0.3000

Tags: Ripplexrp
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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