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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 Breaks Key Support, Turns Sell on Rallies

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Ripple price declined heavily after it broke the key $0.3500 support area against the US dollar.
  • The price broke many supports on the way down such as $0.3440, $0.3350 and even $0.3250.
  • There is a short term bearish trend line formed with resistance near $0.3260 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is clearly trading in a bearish zone and recovery could face sellers near $0.3260 or $0.3320.

Ripple price declined heavily below key supports against the US Dollar and bitcoin. XRP remains at a risk of more losses towards the $0.3150 or $0.3120 support level.

Ripple Price Analysis

After a continuous failure near the $0.3700 resistance, ripple price started a downside move against the US Dollar. The XRP/USD pair started a significant decline below the $0.3550 and $0.3480 support levels. There was even a close below the $0.3400 support and the 100 hourly simple moving average. Sellers gained control and pushed the price below the $0.3320 support level. The decline was such that the price even broke the key $0.3260-0.3250 support area.

A new weekly low was formed at $0.3182 and the price settled into a bearish zone. On the upside, an initial resistance is near the $0.3240 level and the 23.6% Fib retracement level of the recent decline from the $0.3394 high to $0.3182 low. There is also a short term bearish trend line formed with resistance near $0.3260 on the hourly chart of the XRP/USD pair. The $0.3260 level was a support earlier and now it could act as a strong resistance for buyers.

Above $0.3260, the next key resistance is near the $0.3310 level. The 61.8% Fib retracement level of the recent decline from the $0.3394 high to $0.3182 low is also near the same area. If there is a clear break above the $0.3320 level, the price could recover towards the $0.3440 level. On the other hand, if there is a downside break below $0.3180, there might be a test of the $0.3150 support or even $0.3120.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price clearly trimmed most its gains and broke key supports near $0.3320 and $0.3260. These are bearish signs, suggesting more losses below $0.3180 in the short term. However, the price is likely to find a strong buying interest near the $0.3120 support arear in the coming sessions (if it continues to decline).

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined heavily below 40 and it is currently near 28.

Major Support Levels – $0.3180, $0.3150 and $0.3120.

Major Resistance Levels – $0.3260, $0.3280 and $0.3320.

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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