Ripple Price Technical Analysis – Can XRP/USD Bounce Back?

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ripple price failed to hold gains above the $0.5000 level and declined against the US dollar.
Yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently holding the $0.4750 support, which is a positive sign in the short term.

Ripple price is once again struggling against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4750 support to bounce back above $0.5000.

Ripple Price Decline

Yesterday, we saw a decent upside move above the $0.4800 level in Ripple price against the US Dollar. The price even traded above the $0.5000 resistance level. However, it failed to hold gains above the $0.5000 level and formed a high near $0.5116. Later, a downside move was initiated and the price declined below the 23.6% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high.

More importantly, yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair. The pair settled below the $0.5000 support and tested $0.4750. There was also a spike below the 61.8% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high. However, it seems like the price is holding the $0.4750 support very well. It has to bounce back above the $0.4900 level and the 100 hourly simple moving average to gain upside momentum. Finally, a close above $0.5000 could push the price back in a bullish zone.

On the other hand, if the price fails to stay above $0.4750, it may move in a bearish zone. The next support on the downside sits at $0.4500.

Looking at the technical indicators:

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

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

Major Support Level – $0.4750

Major Resistance Level – $0.5000

Charts courtesy – Trading View

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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