17 Jan Ripple Price Technical Analysis – XRP/USD Struggling to Hold $1.00
- Ripple price made a sharp downside move and broke the $1.00 support against the US dollar.
- There is a crucial bearish trend line forming with resistance at $1.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently struggling to hold the $1.00 level and it may decline back towards $0.8500.
Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD might decline further and it could retest the $0.8500 support area.
Ripple Price Trend
There was no respite for buyers as Ripple price extended its decline from the $1.2000 swing high against the US Dollar. After a minor correction towards the $1.50 level and the 38.2% Fib retracement level of the last drop from the $2.08 high to $1.49 low, the price faced sellers. It started a fresh downside wave and broke the $1.49 low and the $1.20 support. The decline was strong as sellers pushed the price below the $1.00 support. It traded close to the $0.8000 level.
A low was formed at $0.8399 from where an upside correction was initiated. It recovered above the 23.6% Fib retracement level of the last decline from the $1.9027 high to $0.8399 low. However, there are many resistances on the upside such as $1.35 and $1.50. An initial hurdle is around the 50% Fib retracement level of the last decline from the $1.9027 high to $0.8399 low at $1.3713. Above this last, there a crucial bearish trend line forming with resistance at $1.50 on the hourly chart of the XRP/USD pair.
Therefore, there is a major resistance near $1.35-1.50. As long as the price is below $1.50, there is a risk of a breakdown toward $0.8500 once again.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $1.00
Major Resistance Level – $1.50
Charts courtesy – Trading View, Kraken
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