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Ripple Price Technical Analysis XRP USD
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Ripple Price Technical Analysis

Aayush Jindal by Aayush Jindal
5 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • Ripple price is struggling to move above the $0.1950 resistance against the US Dollar.
  • There is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD (data source from Kraken).
  • The price has to move above the $0.1950 and $0.2000 resistance levels to gain momentum.

Ripple price is ranging with a slight bearish bias against the US Dollar and Bitcoin. XRP/USD needs to settle above $0.2000 for further gains in the near term.

Ripple Price Upside Hurdle

There was not much of action in Ripple price as it failed to break the $0.2000 handle against the US Dollar. There is a slow and steady decline in place with current upside hurdle near $0.1950. The price seems to be struggling to gain momentum above $0.1950 and recently moved below the 100 hourly simple moving average. It is a short-term bearish sign below $0.2000.

The price is currently trading just below the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high. On the upside, there is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD. A break and close above the trend line resistance at $0.1950 might call for a test of $0.2000. The mentioned $0.2000 level is the most important hurdle for buyers in the near term.

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Ripple Price Technical Analysis XRP USD

A successful close above the $0.2000 level is needed for buyers to gain momentum towards $0.2250. On the downside, the next important support is the 50% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high at $0.1733. The price might range trade in the short term with minor dips towards the $0.1800 and $0.1750 levels.

Looking at the technical indicators:

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Hourly MACD – The MACD for XRP/USD has moved into the bearish zone.

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

Major Support Level – $0.1800

Major Resistance Level – $0.1950

 

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 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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