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technical analysis ripple
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Ripple Price Analysis: XRP/USD Remains Sell on Rallies Near $0.2800

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

Key Highlights

  • Ripple price declined further recently and broke the $0.2650 support against the US dollar.
  • Yesterday’s highlighted major bearish trend line is active with resistance at $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points, but it is likely to face sellers near the $0.2800 and $0.2820 levels.

Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD is likely to extend declines below $0.2600 if sellers remain in action.

Ripple Price Decline

Yesterday, we discussed that Ripple price could break the $0.2650 support area against the US Dollar. The XRP/USD pair did move lower and broke the $0.2700 and $0.2650 support levels. A new weekly low was formed at $0.2599 and later the price corrected higher. It moved above the 23.6% fib retracement level of the recent decline from the $0.2899 high to $0.2599 low.

However, the upside move remains capped near the $0.2750 level. It is the 50% fib retracement level of the recent decline from the $0.2899 high to $0.2599 low. More importantly, yesterday’s highlighted major bearish trend line is active with resistance at $0.2800 on the hourly chart of the XRP/USD pair. The trend line resistance is also near the 100 hourly simple moving average at $0.2820. Therefore, if the price corrects above $0.2750, it is likely to face sellers near the $0.2800 and $0.2820 levels. On the downside, a break below the $0.2600 zone could open the doors for a push towards the $0.2500 support.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price remains in a negative zone below $0.2820. Sellers are likely to remain in action as long as there is no close above $0.2850 and the 100 hourly SMA.

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 below the 50 level.

Major Support Level – $0.2600

Major Resistance Level – $0.2800

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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