Ripple Price Technical Analysis – XRP/USD To Decline Further?

Key Highlights

• Ripple price failed to remain above the $0.1900 level against the US Dollar, and declined further.
• There is a new connecting bearish trend line forming with current resistance at $0.1840 on the hourly chart of XRP/USD (data source from Kraken).
• The price remains in the sell zone and any rallies can be seen as selling opportunity near $0.1850.

Ripple price declined further to new weekly lows against the US Dollar and Bitcoin. XRP/USD remains sell near the $0.1850-0.1900 levels.

Ripple Price Decline and Resistance

There were further declines in Ripple price below the $0.1900 level against the US Dollar. Yesterday, there was a short-term correction towards the $0.2050. The price failed to break yesterday’s highlighted bearish trend line at $0.2040 on the hourly chart. It even failed to break the 38.2% Fib retracement level of the previous decline from the $0.2245 high to $0.1910 low.

The decline resumed and the price broke the low at $0.1910 and even broke the $0.1700 support. A new low was formed at $0.1621 from where the price started a correction. It is currently trading near the 38.2% Fib retracement level of the last decline from the $0.2050 high to $0.1621 low. On the upside, an immediate hurdle is near a new connecting bearish trend line forming with current resistance at $0.1840 on the hourly chart of XRP/USD. Moreover, the 50% Fib retracement level of the last decline from the $0.2050 high to $0.1621 low is also at $0.1820.

Therefore, any correction towards the $0.1820-0.1850 levels is likely to face sellers in the near term. On the downside, the recent low of $0.1621 can be tested again.

Looking at the technical indicators:

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

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

Major Support Level – $0.1620

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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