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Ripple Price (XRP) Retreating From $0.32 But Approaching Supports

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price extended gains and traded towards the $0.3250 resistance area against the US dollar.
  • The price is currently correcting sharply and is trading below the $0.3000 support area.
  • There was a break below a key bullish trend line with support at $0.3050 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to find a strong support near the $0.2840 and $0.2800 levels in the near term.

Ripple price is correcting gains from the recent high against the US Dollar and bitcoin. XRP price could retest the $0.2800 support area before a fresh increase.

Ripple Price Analysis

Yesterday, we saw a massive rally in ripple price above the $0.3000 resistance against the US Dollar. The XRP/USD pair even broke the $0.3120 resistance and posted a new monthly high. A swing high was formed near $0.3272 before the price started a downside correction. There was a sharp decline below the $0.3150 and $0.3050 support levels to start the current correction.

Additionally, there was a break below the 23.6% Fib retracement level of the last major rally from the $0.2562 low to $0.3272 high. More importantly, there was a break below a key bullish trend line with support at $0.3050 on the hourly chart of the XRP/USD pair. The pair is now trading close to the 50% Fib retracement level of the last major rally from the $0.2562 low to $0.3272 high.

The next key support is near the $0.2850 and $0.2840 levels. Moreover, the 61.8% Fib retracement level of the last major rally from the $0.2562 low to $0.3272 high is near the $0.2835 level. Therefore, the price is likely to find a decent buying interest if it reaches close to the $0.2800 support area. If there are more downsides, the next major support is near the $0.2650 level (the previous resistance area).

On the upside, an immediate resistance is near the $0.3000 level. There is also a connecting bearish trend line forming with resistance near $0.3050 on the same chart. If there is an upside break above the $0.3050 resistance, the price could resume its uptrend. The next key resistances are near the $0.3200 and $0.3250 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is declining sharply and trimming gains below $0.3000. However, the $0.2850 and $0.2800 support levels are likely to stop the current decline in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and is well below the 50 level.

Major Support Levels – $0.2850, $0.2800 and $0.2650.

Major Resistance Levels – $0.3000, $0.3050 and $0.3200.

Tags: Ripplexrp
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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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