Ripple Price Analysis: XRP In Trouble, Bears Eye Further Declines

Aayush Jindal

1 year ago

2 mins read

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Ripple price failed to break the $0.3075 and $0.3100 resistance levels against the US dollar.
There was a break below a major bullish trend line with support at $0.3050 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more losses below the $0.2960 and $0.2940 support levels in the near term.

Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD sellers are in control and they seem to eyeing a test of the $0.2900 zone in the coming sessions.

Ripple Price Analysis

This past week, there was a sharp rise in ripple price above the $0.3300 resistance against the US Dollar. The XRP/USD pair traded as high as $0.3336 and later corrected lower. It declined below $0.3200 support to move into a bearish zone. The price even broke the $0.3000 support before buyers appeared near the $0.2940 level. Later, there was an upside correction above the $0.3050 level. Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $0.3336 high to $0.2940 low. However, the price struggled to break the $0.3100 resistance, resulting in bearish moves.

There was also no test of the 50% Fib retracement level of the last decline from the $0.3336 high to $0.2940 low. The price moved down and broke the $0.3050 support plus the 100 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support at $0.3050 on the hourly chart of the XRP/USD pair. The current price action is bearish and ripple is trading well below the $0.3000 level. An immediate support is near the $0.2940 level, below which there is a risk of more losses towards $0.2900.

Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.3050 support plus the 100 hourly simple moving average. Therefore, sellers could eye a downside extension below $0.2940 and $0.2920.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is mostly flat with chances of strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.

Major Support Level – $0.2940

Major Resistance Level – $0.3050

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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