Ripple Price Technical Analysis – XRP/USD Extends Decline

Key Highlights

• Ripple price failed to move higher and traded below the $0.1750 support against the US Dollar.
• There are two key bearish trend lines forming with resistance near $0.1800 and $0.1880 on the hourly chart of XRP/USD (data source from Kraken).
• The price might correct a few points higher, but upsides remain capped by $0.1900.

Ripple price moved down further against the US Dollar and Bitcoin. XRP/USD is likely to decline below $0.1700 and remains at risk.

Ripple Price Resistance

There was a bear leg initiated from the $0.1969 high in Ripple price against the US Dollar. The price declined slowly and steadily, moving below the $0.1900 support area. Yesterday, I mentioned that the price could test the $0.1700 level. The price did trade below the $0.1750 level and almost tested the $0.1700 level. There was a break of the 50% Fib retracement level of the last up move from the $0.1500 low to $0.1970 high.

XRP is now well below the 100 hourly simple moving average and $0.1900, which is a bearish sign. The next support on the downside is near the 61.8% Fib retracement level of the last up move from the $0.1500 low to $0.1970 high. On the upside, there are two key bearish trend lines forming with resistance near $0.1800 and $0.1880 on the hourly chart of XRP/USD. Moreover, the 100 hourly simple moving average is also positioned above the first trend line at $0.1850.

Therefore, the price faces many hurdles on the upside below $0.1900. A recovery won’t be easy and any rallies from the current levels towards $0.1900 remain capped. On the downside, the $0.1650 might be tested in the short term.

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 has reached the oversold levels.

Major Support Level – $0.1700

Major Resistance Level – $0.1850

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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