22 Jan Ripple Price Technical Analysis – XRP/USD Struggling to Gain Momentum
- Ripple price traded toward the $1.7500 level before facing selling pressure against the US dollar.
- There is a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to correct lower in the short term toward the $1.3000 and $1.2500 support levels.
Ripple price is slowly moving down against the US Dollar and Bitcoin. XRP/USD has to break the $1.5000 resistance to gain upside momentum toward $1.7500.
Ripple Price Resistance
After a nice upside move above the $1.7000 level, Ripple price struggled to gain momentum against the US Dollar. The price formed a high near $1.7440 and started a downside correction. It moved down and broke the $1.6000 support and the 23.6% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. More importantly, there was a break below the $1.5000 support and the 100 hourly simple moving average.
XRP price is currently testing the 50% Fib retracement level of the last wave from the $0.8829 low to $1.7440 high. As long as the price is below the $1.5000 resistance, it remains at a risk of more declines in the near term. The stated $1.5000 resistance is close to the 100 hourly SMA. Therefore, if the price moves higher, it could face sellers near $1.5000. There is also a key bearish trend line forming with resistance at $1.5000 on the hourly chart of the XRP/USD.
On the downside, the $1.3000 level is a decent support. Should there be a break below $1.3000, the price could test the $1.2500 and $1.2000 levels. Any further declines would call for a test of the $1.0000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Major Support Level – $1.3000
Major Resistance Level – $1.5000
Charts courtesy – Trading View, Kraken
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