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 unbroken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The worth may extend its decline and it could even trade towards the $1.70 level.

Ripple price is struggling to get well against the US Dollar and Bitcoin. XRP/USD might continue to say no 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 worth recovered once above the $2.20 level. However, the upside move was capped by the $2.50 level. Moreover, the 61.8% 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 worth moved below the $2.20 level.

There was also break below the 50% Fib retracement level of the last wave from the $1.60 low to $2.58 high. In the intervening time, the worth is below $2.00 and the 100 hourly easy moving average. It looks like the worth may extend declines and it could even test the $1.70 level within 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 unbroken 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% Fib retracement level of the last wave from the $1.60 low to $2.58 high can also be around $1.85. Subsequently, the $1.85 level may act as a support, but the primary support is at $1.70.

Looking on the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining momentum within 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

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