Ripple Price Technical Analysis – Can XRP/USD Gain Pace?

Key Highlights

  • Ripple price traded below the $0.1700 support against the US Dollar before finding support.
  • There is a bearish trend line forming with resistance near $0.1780 on the hourly chart of XRP/USD (data source from Kraken).
  • The price has to break the $0.1780-0.1800 levels in order to move back into the bullish zone.

Ripple price is trading with a slight bearish tone against the US Dollar and Bitcoin. XRP/USD has to clear $0.1800 to move back towards $0.2000.

Ripple Price Upside Hurdle

There was a slow and steady downside move in Ripple price below the $0.1800 level against the US Dollar. The price even broke the $0.1700 support and traded as low as $0.1673. Later, the price formed a support base and started recovering above $0.1700. It moved above the 23.6% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low. However, the upside move was capped by the $0.1820 level.

The 50% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low acted as a resistance and protected further gains. Moreover, there is a bearish trend line forming with resistance near $0.17800 on the hourly chart of XRP/USD. The trend line resistance is close to the 100 hourly simple moving average at $0.1760. Therefore, a close above the $0.1780 level and the 100 hourly simple moving average is needed for more gains.

Ripple Price Technical Analysis XRP USD

If there is a close above $0.1800, the price could even test the 61.8% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low at $0.1865. On the downside, the $0.1700 level remains a major support in the short term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move above the 50 level.

Major Support Level – $0.1700

Major Resistance Level – $0.1800

 

Charts courtesy – Trading View, Kraken

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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