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Ripple Price Technical Analysis – XRP/USD Testing Crucial Support

Ripple Price Technical Analysis – XRP/USD Testing Crucial Support

Key Highlights

  • Ripple price started a draw again correction after shopping for and promoting above the $3.30 stage in direction of the US Dollar.
  • Yesterday’s highlighted important bullish sample line with help at $2.40 is unbroken on the hourly chart of the XRP/USD pair (data provide from Kraken).
  • The pair might proceed to hold the $2.40-2.30 help house and it would even bounce once more.

Ripple price is for the time being correcting lower in direction of the US Dollar and Bitcoin. XRP/USD is testing an important help at $2.30 and it would bounce once more.

Ripple Price Support

There was an extension to yesterday’s move in Ripple price as a result of it moved above the $3.00 stage in direction of the US Dollar. The price even traded above the $3.30 stage and posted a model new all-time extreme of $3.3385. Later, a draw again correction was initiated and the price moved beneath the $3.00 help. It moreover traded beneath a sample line help at $2.80. Moreover, there was a push beneath the 50% Fib retracement stage of the ultimate wave from the $2.15 low to $3.331 extreme.

However, the draw again wave was protected by the $2.40 help. In addition, yesterday’s highlighted important bullish sample line with help at $2.40 is unbroken on the hourly chart of the XRP/USD pair. It is performing as a major help and stopping declines beneath $2.30. More importantly, the 100 hourly simple shifting widespread will be spherical $2.40 and is acting as a major hurdle for further losses.

Ripple Price Technical Analysis XRP USD

At the second, the price is shopping for and promoting throughout the 61.8% Fib retracement stage of the ultimate wave from the $2.15 low to $3.331 extreme. It has to hold the $2.30-2.40 help. On the upside, a break above a connecting bearish sample line at $2.70 is required for a bounce once more.

Looking on the technical indicators:

Hourly MACD – The MACD for XRP/USD is decreasing its present bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is near 40 and is shifting down.

Major Support Level – $2.30

Major Resistance Level – $2.70

 

Charts courtesy – Trading View, Kraken

Ripple Price Technical Analysis – XRP/USD Testing Crucial Support

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses sturdy technical analytical experience and is well-known for his entertaining and informative analysis of the international cash, commodities, Bitcoin and Ethereum markets.

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