Ripple Price Technical Analysis – XRP/USD Downside Correction

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Key Highlights

  • Ripple price after a decent recovery started a new downside correction toward $0.8000 against the US Dollar.
  • There is a new connecting bearish trend line forming with resistance at $1.00 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is slowly moving down toward the $0.8000 and $0.7500 support levels.

Ripple price is correcting lower against the US Dollar and Bitcoin. XRP/USD might decline further and test the $0.8000 support level.

Ripple Price Resistance

After testing the $0.7000 support area, Ripple price recovered very nicely against the US Dollar. The price made a nice upside move and traded above the $1.00 level. However, the upside move was capped by the $1.15 level. Later, a fresh downside correction was initiated and the price moved down below the $1.00 level. There was a break below the 23.6% Fib retracement level of the last wave from the $0.6800 low to $1.1410 high. However, the current downside wave is limited and the price remains supported above $0.8000.

There was a complete test of the 50% Fib retracement level of the last wave from the $0.6800 low to $1.1410 high. XRP is moving higher, but upsides are capped by the $1.00 resistance. The 100 hourly simple moving average is also around $1.00 and acting as a strong resistance. Moreover, there is a new connecting bearish trend line forming with resistance at $1.00 on the hourly chart of the XRP/USD pair. Therefore, there are many resistances on the way up and an upside break above $1.00 won’t be easy.

Ripple Price Technical Analysis XRP USD

The $1.10 level is also a major hurdle for buyers. On the downside, the $0.8000 and $0.7500 levels are major support zones.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly place in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is mostly flat around the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $1.0000

 

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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