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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ripple Price Technical Analysis XRP USD
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Ripple (XRP) Price Prediction: Breakout or Further Decline?

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price failed to hold gains above $0.3020 and declined recently against the US dollar.
  • The price traded to a new weekly low below the $0.2950 and $0.2920 support levels.
  • There is a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to decline further as long as it is below $0.3000 and $0.3020.

Ripple price is struggling to gain bullish momentum against the US Dollar and bitcoin. XRP remains at a risk of more downsides unless the bulls push the price above $0.3000 and $0.3020.

Ripple Price Analysis

Yesterday, ripple price started a decent upward move above $0.2980 and $0.3000 levels against the US Dollar. The XRP/USD pair even traded above the $0.3020 level and the 100 hourly simple moving average. However, the price faced a strong resistance the $0.3040 and $0.3050 levels. The bulls failed to remain in action, resulting in a downside move below the $0.3020 support. The price declined below the $0.3000 support and the 100 hourly simple moving average.

The decline was such that the price broke the previous swing low and traded to a new weekly low at $0.2913. At the moment, the price is correcting higher towards $0.2980. It is trading above the 23.6% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low. On the upside, there are many hurdles near the $0.2980 and $0.3000 levels. There is also a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low.

Therefore, a clear break above the $0.2980 and $0.3000 resistances is must for a fresh increase. Once there is a successful close above $0.3000, the price may climb higher towards the $0.3040 and $0.3050 resistance levels. On the other hand, if the price fails near $0.2980 or $0.3000, it could decline again. An initial support is near the $0.2920 level, below which the price may even break $0.2900.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price seems to be following a declining pattern below $0.3000. Therefore, the bulls must gain momentum above $0.3000 and $0.3020 to overcome further losses. On the downside, the main support is near the $0.2900 level. If there is a downside break below $0.2900, the price is likely to test $0.2850.

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 Levels – $0.2920, $0.2900 and $0.2850.

Major Resistance Levels – $0.2980, $0.3000 and $0.3020.

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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