Ripple Price Technical Analysis – Can XRP/USD Bounce Back?

Key Highlights

  • Ripple price failed to hold gains above the $0.5000 level and declined against the US dollar.
  • Yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently holding the $0.4750 support, which is a positive sign in the short term.

Ripple price is once again struggling against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4750 support to bounce back above $0.5000.

Ripple Price Decline

Yesterday, we saw a decent upside move above the $0.4800 level in Ripple price against the US Dollar. The price even traded above the $0.5000 resistance level. However, it failed to hold gains above the $0.5000 level and formed a high near $0.5116. Later, a downside move was initiated and the price declined below the 23.6% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high.

More importantly, yesterday’s highlighted important bullish trend line with support at $0.5020 was broken on the hourly chart of the XRP/USD pair. The pair settled below the $0.5000 support and tested $0.4750. There was also a spike below the 61.8% Fib retracement level of the last upside wave from the $0.4594 low to $0.5116 high. However, it seems like the price is holding the $0.4750 support very well. It has to bounce back above the $0.4900 level and the 100 hourly simple moving average to gain upside momentum. Finally, a close above $0.5000 could push the price back in a bullish zone.

On the other hand, if the price fails to stay above $0.4750, it may move in a bearish zone. The next support on the downside sits at $0.4500.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

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

Major Support Level – $0.4750

Major Resistance Level – $0.5000

 

Charts courtesy – Trading View

Be the first to comment

Leave a Reply

Your email address will not be published.


*