Search Inside Bitcoins

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

Key Highlights Ripple price after surging above $0.8500 against the US Dollar faced sellers and started a downside correction. This is a bearish trend line forming with resistance at $0.7250 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair correct a few points in the near term towards the $0.6000 support area.

Ripple price is currently correcting lower against the US Dollar and Bitcoin. XRP/USD has to move above $0.7250 to resume its uptrend.

Ripple Price Correction

This past week, we saw nasty gains in Ripple price above the $0.8000 level against the US Dollar. The price was able to move above the $0.8500 and $0.8800 resistance levels. However, there was no upside break above the $0.9000 handle. A correction wave was initiated and the price moved down toward the $0.6020 level. It found support above $0.6000 and recovered back towards $0.8500. However, the recovery was limited above $0.8000 and the price is now once again correcting lower.

It has moved below the 50% Fib retracement level of the last wave from the $0.6020 low to $0.8420 high. On the upside, there is a bearish trend line forming with resistance at $0.7250 on the hourly chart of the XRP/USD pair. The pair is following the trend line and is currently below $0.7500 and the 100 hourly simple moving average. It seems like an upside break above the $0.7250 level and the 100 hourly SMA won’t be easy.

 

On the downside, the pair recently tested the 76.4% Fib retracement level of the last wave from the $0.6020 low to $0.8420 high. Therefore, there are chances of XRP failing above $0.7200. It could correct further and test the $0.6000 support zone in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the 30 level.

Major Support Level – $0.6020

Major Resistance Level – $0.7250

 

Charts courtesy – Trading View, Kraken

 

The post Ripple Price Technical Analysis – XRP/USD Short-term Correction appeared first on NEWSBTC.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close