Ripple Price Technical Analysis – XRP/USD Tumbles Further

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price could not hold the $0.9000 support and moved below the $0.8400 level against the US dollar.
  • There is a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is trading around the $0.8400 level and is currently trading with a bearish bias.

Ripple price failed to move higher and declined against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face resistance near $0.9000.

Ripple Price Upside Hurdle

There was an extension to yesterday’s decline in Ripple price from the $0.8800 swing high against the US Dollar. The price failed to hold the $0.9000 and $0.8400 support levels and declined further. An intraday low was formed at $0.8015 before price started a minor upside correction. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low.

However, there are many hurdles on the upside below the $0.9000 level. There is also a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair. At the moment, the price is testing the 38.2% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low. There is a chance of it moving further higher towards the $0.8700 or $0.8800 levels, but an upside break won’t be easy. Moreover, the 50% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low is at $0.8749 to act as a resistance.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.8100 and $0.8000 levels are decent supports. As long as the price is above the $0.8000 handle, it could make an attempt to recover above $0.9000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $0.9000

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

  • Shawn Putnam

    It had hit $0.92 before this was posted…

  • iNGO

    This article is completely worthless. With no mention it takes into account that Bitcoin suffered a major slump, and all currencies that are closely tied to the price of Bitcoin, as always, went down with it. Any assessment of an altcoin performance must be adjusted in regards to Bitcoin’s influence. When will you start making that standard procedure?

  • Cee NYC

    The guy has a personal dislike of XRP.


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