Ripple Price Technical Analysis – XRP/USD Collapsed Below $0.8000

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ripple price declined sharply and even broke the $0.8200 and $0.8000 support levels against the US dollar.
Yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to decline further and it may even break the $0.7650 support in the near term.

Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently trading below $0.8000 and it may continue to decline towards $0.7200.

Ripple Price Downtrend

There was no respite above $0.8500 in Ripple price against the US Dollar. The price continued to trade lower and it failed to correct above a major resistance near $0.8600. It fell and broke the $0.8200 and $0.8000 support levels to set the pace for more declines. It even broke the last swing low of $0.7869, which is a bearish sign and suggests more declines in the near term.

At the moment, the price is trading near the 1.236 Fib extension of the last wave from the $0.7869 low to $0.8778 high. It could continue to decline and it may even break the $0.7500 level. The next major support on the downside is around $0.7300. The stated level also coincides with the 1.618 Fib extension of the last wave from the $0.7869 low to $0.8778 high. On the upside, there are many resistances around the $0.8000 level. Moreover, yesterday’s highlighted crucial bearish trend line with current resistance at $0.0.8000 is intact on the hourly chart of the XRP/USD pair.

Overall, it seems like the price may continue to decline towards $0.7300. A break and close below $0.7300 may call for a call of $0.7000.

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 moving lower further into the oversold levels.

Major Support Level – $0.7300

Major Resistance Level – $0.8000

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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