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Ripple Price Technical Analysis – XRP/USD Bearish Pressure Escalates

Ripple Price Technical Analysis – XRP/USD Bearish Pressure Escalates

Key Highlights

  • Ripple worth remained in a bearish improvement and it traded beneath the $1.60 help in opposition to the US Dollar.
  • This week’s highlighted predominant bearish improvement line with current resistance at $1.85 is stopping upsides on the hourly chart of the XRP/USD pair (info provide from Kraken).
  • The worth stays at a menace of additional losses as long as it is beneath the $1.80 stage.

Ripple worth declined further in opposition to the US Dollar and Bitcoin. XRP/USD examined the $1.50 stage and it is presently positioned throughout the bearish zone for further declines.

Ripple Price Decline

There was no respite for Ripple worth as a result of it extended declines beneath the $1.75 stage in opposition to the US Dollar. The worth moved down and broke the $1.60 help stage as properly to commerce in path of $1.50. A low was long-established at $1.5002 and it appears as if the current bearish stress is true right here to stay. A tiny restoration is underway from $1.50. XRP is presently testing the 23.6% Fib retracement stage of the ultimate drop from the $2.05 extreme to $1.50 low.

There are many resistances on the upside near the $1.75 and $1.80 stage. An preliminary resistance is throughout the 50% Fib retracement stage of the ultimate drop from the $2.05 extreme to $1.50 low. Moreover, this week’s highlighted predominant bearish improvement line with current resistance at $1.85 is stopping upsides on the hourly chart of the XRP/USD pair. Therefore, there is a clear major resistance forming near $1.80. A break above the $1.80-1.85 ranges is required for patrons to take once more the misplaced administration.

Ripple Price Technical Analysis XRP USD

On the draw again, the present low of $1.50 is an efficient help. XRP ought to preserve $1.50 to stay away from further declines in direction of $1.25 throughout the near time interval.

Looking on the technical indicators:

Hourly MACD – The MACD for XRP/USD is presently throughout the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the 30 stage.

Major Support Level – $1.50

Major Resistance Level – $1.85

 

Charts courtesy – Trading View, Kraken

Ripple Price Technical Analysis – XRP/USD Bearish Pressure Escalates

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 skills and is well-known for his entertaining and informative analysis of the foreign exchange, commodities, Bitcoin and Ethereum markets.

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