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Home Technical analysis

Ripple Price Technical Analysis – XRP/USD Correcting Lower

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ripple
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Key Highlights

  • Ripple price gained bullish momentum and traded towards the $0.9500 level against the US dollar.
  • There is a tiny connecting bearish trend line forming with resistance at $0.8800 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points, but it remains supported above the $0.8000 level in the near term.

Ripple price is trading in a bullish zone against the US Dollar and Bitcoin. XRP/USD may decline in the short term, but it remains buy on dips around $0.8000.

Ripple Price Support

There were further gains above the $0.8000 level in Ripple price against the US Dollar. The price moved above the $0.8500 and $0.9000 levels to trade to a new monthly high at $0.9408. Later, a minor downside correction was initiated and the price moved below the $0.8500 support. It traded as low as $0.8084 where it found buyers and declines were protected. It recovered and moved above the 50% Fib retracement level of the last drop from the $0.9408 high to $0.8084 low.

However, the upside recovery was protected by the $0.9100 level. Moreover, the 76.4% Fib retracement level of the last drop from the $0.9408 high to $0.8084 low acted as a hurdle. There was no break above the last swing high of $0.9408 and the price moved down. At the moment, there is a tiny connecting bearish trend line forming with resistance at $0.8800 on the hourly chart of the XRP/USD pair. As long as the pair is below the $0.8800 resistance, it may correct further in the near term.

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Ripple Price Technical Analysis XRP USD

Looking at the chart, it seems like the price is well supported above the $0.8000 level. Therefore, the current correction could complete soon and the price will most likely break $0.9000 to resume uptrend.

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 now well below the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $0.8800

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 with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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