Search Inside Bitcoins

Ripple Price Technical Analysis – XRP/USD Holding Key Support

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Key Highlights Ripple price struggled to move above the $0.9500 resistance area and declined again against the US dollar. There is a major bearish trend line forming with resistance at $0.8000 on the hourly chart of the XRP/USD pair (data source from SimpleFx). The pair is currently trading near a major support area at $0.7500-0.7700, which holds a lot of importance.

Ripple price failed to recover substantially against the US Dollar and Bitcoin. XRP/USD is currently near $0.7600, which must hold to avoid further declines.

Ripple Price Resistance

We saw a recovery recently in Ripple price from the $0.6041 swing low against the US Dollar. The price moved above the $0.8500 and $0.9000 resistance levels. However, it failed to move above the $0.9500 and $0.9600 resistance levels. As a result, a downside move was initiated and the price moved below the $0.9000 support. There was a break below the 50% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high.

More importantly, the upside move was protected by a major bearish trend line with resistance at $0.8000 on the hourly chart of the XRP/USD pair. The pair is currently trading near the $0.7500 support area. Moreover, it is holding the 61.8% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high. It must stay above the $0.7500 support area to avoid any further declines. If it fails to stay above $0.7500, there is a chance of XRP sliding back towards $0.7000.

The next major support is at 76.4% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high at $0.6895. On the upside, the price has to break the $0.8000 and $0.8200 resistance levels to gain upside momentum.

Looking at the technical indicators:

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

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

Major Support Level – $0.7500

Major Resistance Level – $0.8200

 

Charts courtesy – SimpleFX

The post Ripple Price Technical Analysis – XRP/USD Holding Key Support appeared first on NewsBTC.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next