Ripple Price Technical Analysis – XRP/USD Sell on Rallies

Key Highlights

• Ripple price declined below the $0.2060 support area against the US Dollar, and currently remains at a risk.
• There is a short-term connecting bearish trend line forming with current resistance at $0.2030 on the hourly chart of XRP/USD (data source from Kraken).
• The price might correct a few points, but upsides remain capped by the $0.2100-0.22000 levels.

Ripple price struggle to recover continues against the US Dollar and Bitcoin. XRP/USD might correct a few points, but faces resistance near $0.2100.

Ripple Price Resistance

There was no respite for Ripple price as it declined further below $0.2060 against the US Dollar. The price came under a lot of pressure and even broke the $0.2000 handle to set the bearish tone. A new weekly low was formed near $0.1911 from where a correction was initiated. The price has already corrected above the 23.6% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low.

On the upside, there is a short-term connecting bearish trend line forming with current resistance at $0.2030 on the hourly chart of XRP/USD. The trend line resistance is also near the 38.2% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low. Therefore, a break above it won’t be easy, but if there is a break, the price can test $0.2060-0.2080.

The mentioned $0.2060-0.2080 area is significant since it was a support earlier and now a resistance. It is also near the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low. Overall, selling towards $0.2080 can be considered in the short term with a stop above the $0.2100 level or the 100 hourly SMA.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently slightly in the bullish zone.

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

Major Support Level – $0.1910

Major Resistance Level – $0.2080

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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