08 Jan Ripple Price Technical Analysis – XRP/USD Short-term Pressure
- Ripple price is currently under pressure and is currently below $2.70 against the US Dollar.
- There was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair (data source from Kraken).
- On the upside, there is a key resistance forming around $2.80 and the 100 hourly simple moving average.
Ripple price is struggling to retain the bullish bias against the US Dollar and Bitcoin. XRP/USD may decline in the short term towards the $2.40 and $2.30 levels.
Ripple Price Decline
There was a recovery initiated from the $2.15 swing low in Ripple price against the US Dollar. The price recovered above the $2.30 level and the 23.6% Fib retracement level of the last decline from the $3.35 high to $2.15 low. However, the upside recovery was limited and the price was not able to move above $2.80. There was also no proper close above the 100 hourly simple moving average, which is currently at $2.75.
Moreover, the price failed to break the 50% Fib retracement level of the last decline from the $3.35 high to $2.15 low. There was a fresh downside wave initiated from the $2.80 swing high. During the downside, there was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair. The pair is now struggling to recover and is currently below $2.60 and the 100 hourly SMA.
On the upside, there is a major bearish trend line forming with resistance at $2.75 on the same chart. If the pair corrects higher, it could face sellers near $2.75-2.80. On the downside, it seems like the pair may decline and test the $2.40 support.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 40 level.
Major Support Level – $2.40
Major Resistance Level – $2.80
Charts courtesy – Trading View, Kraken
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