Ripple Price Analysis: XRP Turned Bearish Again, Could Retest $0.3000

Aayush Jindal

1 year ago

2 mins read

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Ripple price failed to break the $0.3380 and $0.3400 resistance levels against the US dollar.
The price traded lower and broke the $0.3220 and $0.3200 support levels to move into a bearish zone.
There is a short term breakout pattern formed with resistance at $0.3155 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline further if there is a downside break below the $0.3100 support.

Ripple price rally after the Coinbase Pro listing failed to gain pace against the US Dollar and bitcoin. XRP/USD trimmed most gains and traded below the key $0.3200 support level.

Ripple Price Analysis

Yesterday, we saw a sharp upward move in ripple price above $0.3200 against the US Dollar. The XRP/USD pair even broke the $0.3320 resistance level and the 100 hourly simple moving average. However, the price failed to break the $0.3380 and $0.3400 resistance levels. A fresh decline initiated and the price broke the $0.3320 and $0.3220 support levels. There was even a break below the 50% Fib retracement level of the last leg from the $0.2960 low to $0.3388 high.

It opened the doors for more losses and the price broke the $0.3200 support plus the 100 hourly simple moving average. Recently, the price spiked below $0.3140 and the 61.8% Fib retracement level of the last leg from the $0.2960 low to $0.3388 high. However, the $0.3100 support prevented losses and the price is currently consolidating. Moreover, there is a short term breakout pattern formed with resistance at $0.3155 on the hourly chart of the XRP/USD pair.

The chart suggests that the pair seems to be approaching the next break either below $0.3100 or above $0.3180. On the upside, there are many hurdles near the $0.3180, $0.3200 and $0.3220 levels. A close above $0.3220 could push the price towards the $0.3380 swing high in the near term. On the other hand, if there is a downside break below $0.3100, the price could decline sharply. The next key support is at $0.3020, below which the price may retest $0.3000.

Looking at the chart, ripple price clearly failed to capitalize above the $0.3380 zone. It is currently trading in a bearish zone and it will most likely gain pace below $0.3100. Conversely, buyers need to break the $0.3220 barrier to start a fresh upward move in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone, but it is lacking strength.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 45 level, with a bullish angle.

Major Support Levels – $0.3100, $0.3020 and $0.300.

Major Resistance Levels – $0.3180, $0.3200 and $0.3220.

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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