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technical analysis ripple

Ripple Price Analysis: XRP Could Correct Lower Before Clearing $0.40

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

Key Highlights

  • Ripple price failed to move above $0.3800-$0.3850 and later corrected lower against the US dollar.
  • There is a major bearish trend line formed with resistance at $0.3700 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline towards the $0.3500 or $0.3460 support before moving back above $0.3800.

Ripple price is struggling to gain bullish momentum against the US Dollar and Bitcoin. XRP/USD remains well supported on the downside near $0.3460.

Ripple Price Analysis

After forming a solid support near $0.3280, ripple price started an upward move against the US Dollar. The XRP/USD pair broke the $0.3460, $0.3500 and $0.3700 resistance levels. There was even a break above the $0.3800 level and the 100 hourly simple moving average. However, the pair struggled to gain momentum above the $0.3800 level, formed a high at $0.3836 and later started a downside correction.

It broke the $0.3700 support and the 100 hourly SMA. There was a break below the 23.6% Fib retracement level of the last wave from the $0.3284 low to $0.3836 high. However, the $0.3500 support is currently acting as a solid support. It represents the 50% Fib retracement level of the last wave from the $0.3284 low to $0.3836 high. If there is a downside break, the price may find bids near the $0.3460 support. The main support is near the $0.3280-0.3300 zone. On the upside, there is a major bearish trend line formed with resistance at $0.3700 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be preparing for more losses below the $0.3500 support. However, losses could be limited and the price might bounce back from $0.3460 or $0.3300. On the upside, a break above $0.3700 and $0.3800 is needed for a run to $0.4000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Level – $0.3460

Major Resistance Level – $0.3800

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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