Ripple Price Technical Analysis – XRP/USD Under Pressure

Key Highlights

  • Ripple price came under renewed selling pressure as it moved below $0.2500 against the US Dollar.
  • There are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently correcting higher but struggling to break the $0.2400 and $0.2450 resistance levels.

Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD has to move above $0.2450 to gain bullish traction in the near term.

Ripple Price Upside Hurdle

There were a couple of downside swing moves in Ripple price below $0.2500 against the US Dollar. The price failed to hold yesterday’s swing low near $0.2308 and declined further. It traded below the $0.2300 support and tested the $0.2200 zone. A low was formed at $0.2195 from where a minor correction wave was initiated. It has moved above the 23.6% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low.

However, the price is facing many hurdles on the upside near $0.2400 and $0.2450. The current wave faced sellers near the 38.2% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low. Moreover, there are two key bearish trend lines forming with resistances near $0.2400 and $0.2460 on the hourly chart of the XRP/USD pair. The second trend line resistance, $0.2500 and the 50% Fib retracement level of the last decline from the $0.2795 high to $0.2195 low are important. These hurdles might continue to prevent gains above $0.2500 in the near term.

On the downside, the $0.2200 swing low is a decent support. However, there are chances of XRP testing the $0.2100 support zone as well in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards 35.

Major Support Level – $0.2200

Major Resistance Level – $0.2450

 

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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