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Ripple Price Technical Analysis XRP USD

Ripple Technical Analysis – XRP/USD Bearish Pressure Escalates

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ripple price remained in a bearish trend and it traded below the $1.60 support against the US Dollar.
  • This week’s highlighted major bearish trend line with current resistance at $1.85 is preventing upsides on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more losses as long as it is below the $1.80 level.

Ripple price declined further against the US Dollar and Bitcoin. XRP/USD tested the $1.50 level and it is currently placed in the bearish zone for more declines.

Ripple Price Decline

There was no respite for Ripple price as it extended declines below the $1.75 level against the US Dollar. The price moved down and broke the $1.60 support level as well to trade towards $1.50. A low was formed at $1.5002 and it seems like the current bearish pressure is here to stay. A tiny recovery is underway from $1.50. XRP is currently testing the 23.6% Fib retracement level of the last drop from the $2.05 high to $1.50 low.

There are many resistances on the upside near the $1.75 and $1.80 level. An initial resistance is around the 50% Fib retracement level of the last drop from the $2.05 high to $1.50 low. Moreover, this week’s highlighted major bearish trend line with current resistance at $1.85 is preventing upsides on the hourly chart of the XRP/USD pair. Therefore, there is a clear major resistance forming near $1.80. A break above the $1.80-1.85 levels is needed for buyers to take back the lost control.

Ripple Price Technical Analysis XRP USD

On the downside, the recent low of $1.50 is a decent support. XRP must hold $1.50 to avoid further declines toward $1.25 in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the 30 level.

Major Support Level – $1.50

Major Resistance Level – $1.85

 

Charts courtesy – Trading View, Kraken

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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