Ripple Price Technical Analysis – XRP/USD Extends Decline

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Key Highlights

  • Ripple price remained under a bearish pressure and it traded below the $2.00 level against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price may extend its decline and it could even trade towards the $1.70 level.

Ripple price is struggling to recover against the US Dollar and Bitcoin. XRP/USD might continue to decline and is currently well below $2.00.

Ripple Price Upside Hurdle

Yesterday, we saw the start of a new downside wave in Ripple price from well above $2.80 against the US Dollar. The price recovered once above the $2.20 level. However, the upside move was capped by the $2.50 level. Moreover, the 61.8{c02dde72df927a7b1629fc29506cd3151b0442defda0d37a402db978ff19aaf8} Fib retracement level of the last drop from the $2.82 high to $1.60 low also acted as a hurdle. A new downside wave was initiated and the price moved below the $2.20 level.

There was also break below the 50{c02dde72df927a7b1629fc29506cd3151b0442defda0d37a402db978ff19aaf8} Fib retracement level of the last wave from the $1.60 low to $2.58 high. At the moment, the price is below $2.00 and the 100 hourly simple moving average. It seems like the price may extend declines and it could even test the $1.70 level in the short term. On the upside, an initial resistance is at $2.10. Moreover, yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair.

Ripple Price Technical Analysis XRP USD

On the downside, an initial support is at $1.85. Moreover, the 76.4{c02dde72df927a7b1629fc29506cd3151b0442defda0d37a402db978ff19aaf8} Fib retracement level of the last wave from the $1.60 low to $2.58 high is also around $1.85. Therefore, the $1.85 level may act as a support, but the main support is at $1.70.

Looking at the technical indicators:

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

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

Major Support Level – $1.70

Major Resistance Level – $2.10

Charts courtesy – Trading View, Kraken

1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

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Ticker

1 BTC = $43698.02 USD  (via Coinbase)
1 ETH = $1351.30 USD  (via Coinbase)
1 LTC = $159.37 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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