Ripple Price Technical Analysis – XRP/USD Needs To Retake $0.2000

Key Highlights

• Ripple price is struggling to move above the $0.1950 resistance against the US Dollar.
• There is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD (data source from Kraken).
• The price has to move above the $0.1950 and $0.2000 resistance levels to gain momentum.

Ripple price is ranging with a slight bearish bias against the US Dollar and Bitcoin. XRP/USD needs to settle above $0.2000 for further gains in the near term.

Ripple Price Upside Hurdle

There was not much of action in Ripple price as it failed to break the $0.2000 handle against the US Dollar. There is a slow and steady decline in place with current upside hurdle near $0.1950. The price seems to be struggling to gain momentum above $0.1950 and recently moved below the 100 hourly simple moving average. It is a short-term bearish sign below $0.2000.

The price is currently trading just below the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high. On the upside, there is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD. A break and close above the trend line resistance at $0.1950 might call for a test of $0.2000. The mentioned $0.2000 level is the most important hurdle for buyers in the near term.

A successful close above the $0.2000 level is needed for buyers to gain momentum towards $0.2250. On the downside, the next important support is the 50% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high at $0.1733. The price might range trade in the short term with minor dips towards the $0.1800 and $0.1750 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD has moved into the bearish zone.

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

Major Support Level – $0.1800

Major Resistance Level – $0.1950

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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