Ripple Price Technical Analysis – XRP/USD Short-term Pressure

Ripple Price Technical Analysis – XRP/USD Short-term Pressure

Ripple Price Technical Analysis XRP USD

Key Highlights

  • Ripple price is currently under pressure and is currently below $2.70 against the US Dollar.
  • There was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • On the upside, there is a key resistance forming around $2.80 and the 100 hourly simple moving average.

Ripple price is struggling to retain the bullish bias against the US Dollar and Bitcoin. XRP/USD may decline in the short term towards the $2.40 and $2.30 levels.

Ripple Price Decline

There was a recovery initiated from the $2.15 swing low in Ripple price against the US Dollar. The price recovered above the $2.30 level and the 23.6% Fib retracement level of the last decline from the $3.35 high to $2.15 low. However, the upside recovery was limited and the price was not able to move above $2.80. There was also no proper close above the 100 hourly simple moving average, which is currently at $2.75.

Moreover, the price failed to break the 50% Fib retracement level of the last decline from the $3.35 high to $2.15 low. There was a fresh downside wave initiated from the $2.80 swing high. During the downside, there was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair. The pair is now struggling to recover and is currently below $2.60 and the 100 hourly SMA.

Ripple Price Technical Analysis XRP USD

On the upside, there is a major bearish trend line forming with resistance at $2.75 on the same chart. If the pair corrects higher, it could face sellers near $2.75-2.80. On the downside, it seems like the pair may decline and test the $2.40 support.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 40 level.

Major Support Level – $2.40

Major Resistance Level – $2.80

 

Charts courtesy – Trading View, Kraken

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.

Source

NO COMMENTS