Ripple (XRP) Struggles While Bitcoin & Ethereum Reverse Sharply

Aayush Jindal

1 year ago

2 mins read

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Ripple price is currently correcting higher from the $0.1741 low against the US dollar.
It seems like the bulls are struggling to clear the $0.2000 resistance area.
Yesterday’s highlighted major bearish trend line is active with resistance near $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
Bitcoin rallied more than 10% and Ethereum is showing reversal signs above $125.

Ripple price is struggling to gain bullish momentum against the US Dollar, while BTC and ETH are reversing. XRP price might continue to struggle near $0.2000 and $0.2050.

Ripple Price Analysis

The past few hours were significant, as the crypto market saw a reversal in bitcoin above $7,000. It helped Ethereum as well above $125, but ripple price struggled to gain strength against the US Dollar. XRP price traded to a new 2-year low at $0.1741, settled well below the 100 hourly simple moving average, and it is currently correcting higher.

Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $0.2317 high to $0.1741 low. However, there are many hurdles on the upside near $0.2000 and $0.2050.

The price is clearly struggling to gain strength above $0.2000. Besides, yesterday’s highlighted major bearish trend line is active with resistance near $0.2050 on the hourly chart of the XRP/USD pair.

More importantly, the 50% Fib retracement level of the downward move from the $0.2317 high to $0.1741 low is also near the $0.2030 level. Therefore, the price must surpass the $0.2000 and $0.2050 resistance levels to start a strong upward move.

The next key resistance is near the $0.2100 level or the 61.8% Fib retracement level of the downward move from the $0.2317 high to $0.1741 low. A successful daily close above $0.2100 might call for a reversal in ripple.

Conversely, the price could start a fresh decline below the $0.1900 and $0.1880 levels. The main support area is near the $0.1800 level. If there is a daily close below the $0.1800 support area, the price could decline heavily towards $0.1720 or $0.1650.

Looking at the chart, ripple price is slowly correcting higher, but it is clearly facing a strong selling interest near the $0.2000 and $0.2050 levels. Having said that, if bitcoin and Ethereum continues to rise, there are high chances of a sharp upward move in ripple above $0.2000.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving back into the bullish zone.

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

Major Support Levels – $0.1880, $0.1850 and $0.1800.

Major Resistance Levels – $0.2000, $0.2050 and $0.2100.

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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