Charted: Ripple (XRP) is Facing Uphill Task Near $0.63 and 100 SMA

Aayush Jindal

1 year ago

2 mins read

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Ripple started a fresh decline after it failed to clear the $0.6800 resistance against the US Dollar. XRP price is showing bearish signs below the 100 hourly SMA and facing many hurdles.

Ripple started a sharp downside correction from the $0.6800 resistance against the US dollar.
The price is now trading below the $0.6250 support and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $0.6460 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue lower unless it surpasses $0.6300 and the 100 hourly SMA.

Ripple Price is Facing Hurdles

Recently, we saw a sharp bearish reaction in bitcoin, Ethereum, and ripple against the US Dollar. XRP price broke the $0.6450 support zone to move into a short-term bearish zone.

The decline gained pace after there was a break below a major bullish trend line with support near $0.6460 on the hourly chart of the XRP/USD pair. The pair even settled below $0.6300 level and the 100 hourly simple moving average.

There was a spike below the $0.6000 support, but the price remained stable above $0.5800. The recent swing low was formed near $0.5938 and the price is currently consolidating.

Source: XRPUSD on TradingView.com

An initial resistance is near the $0.6080 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.6564 swing high to $0.5938 low. The first major resistance is near the $0.6200 level and the 100 hourly simple moving average.

The next resistance is near the $0.6250 level or the 50% Fib retracement level of the downward move from the $0.6564 swing high to $0.5938 low. A clear break above the $0.6250 and $0.6300 resistance levels might clear the path for more upsides towards $0.6550 or $0.6640.

Key Supports For XRP

If there is no upside break in ripple above $0.6300, there could be more losses. An initial support on the downside is near the $0.6000 level.

The next key support is forming near the $0.5920 level, below which the price might revisit the main $0.5750 support. Any more losses could lead the price towards the $0.5200 level.

Technical Indicators

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

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

Major Support Levels – $0.6000, $0.5920 and $0.5750.

Major Resistance Levels – $0.6250, $0.6300 and $0.6550.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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