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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
technical analysis ripple

Ripple Price Analysis: XRP/USD At Risk of Break Below $0.3100

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

Key Highlights

  • Ripple price was not able to stay above the $0.3500 support zone and declined against the US dollar.
  • There is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently at risk of a downside break below the $0.3100 support level in the near term.

Ripple price is under pressure below key supports against the US Dollar and Bitcoin. XRP/USD could decline sharply if there is a break below the $0.3100 support.

Ripple Price Support

Yesterday, we saw a decent upside move above the $0.3400 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.3550 level where sellers appeared. The price topped at $0.3541 and later started a downside move. It trimmed most of its yesterday’s gains and broke the $0.3400 support. There was also a close below the $0.3300 level and the 100 hourly simple moving average.

A new low was formed at $0.3092 before the price found support. It is currently recovering above the $0.3100 level. It tested the 38.2% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low. On the upside, there is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair. Above the trend line resistance, the $0.3320 barrier is close to the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low is also near $0.3320.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price may continue to face sellers near the $0.3300 and $0.3320 levels. If there is a downside break, the price could break the $0.3100 level for more losses.

Looking at the technical indicators:

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

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

Major Support Level – $0.3100

Major Resistance Level – $0.3350

Tags: OpinionRipple PriceRipple Price AnalysisRipple Price ChartRipple Price Forecastripple xrptradingxrpxrp btcxrp usdXRPUSD
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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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