Ripple Price Technical Analysis – XRP/USD Remains in Uptrend

Key Highlights

  • Ripple price declined sharply and made a downside move from the $0.2800 high against the US Dollar.
  • There is a major bearish trend line forming with resistance near $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently recovering from the $0.2300 swing low but facing many resistances.

Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently approaching $0.2550-0.2600 where it may face sellers.

Ripple Price Resistance

We saw a good upside move in Ripple price yesterday towards the $0.2800 level against the US Dollar. The traded as high as $0.2798 and later started a downside move. It broke the $0.2700 support and also moved below the 50% Fib retracement level of the last wave from the $0.2318 low to $0.2798 high. During the downside, it broke yesterday’s highlighted bullish trend line with support at $0.2600 on the hourly chart.

The pair even broke the $0.2400 support and traded as low as $0.2308. Later, it started correcting higher and moved above the 23.6% Fib retracement level of the last drop from the $0.2798 high to $00.2308 low. At the moment, the pair is facing a major resistance near $0.2500 and the 100 hourly simple moving average. The stated resistance is also the 38.2% Fib retracement level of the last drop from the $0.2798 high to $00.2308 low.

Moreover, there is a major bearish trend line forming with resistance near $0.2550 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the pair to move above $0.2550-0.2600. However, it remains in an uptrend as long as above $0.2250.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved back in the bullish zone, which is a positive sign.

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

Major Support Level – $0.2400

Major Resistance Level – $0.2550

 

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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