Ripple Price Technical Analysis – XRP/USD is Facing Uphill Task



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Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price declined below the $0.9500 support area yesterday against the US dollar.
  • There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Ripple Price Technical Analysis XRP USD

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

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

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

Major Support Level – $0.9000

Major Resistance Level – $0.9800

 

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.


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