Ripple Price Technical Analysis – XRP/USD Struggle Continues

Key Highlights

  • Ripple price is struggling a lot to break the $1.3500 resistance against the US dollar.
  • This week’s highlighted bearish trend line with current resistance at $1.35 is a solid barrier on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair has to move above $1.35, $1.40 and the 100 hourly simple moving average to gain upside traction.

Ripple price is finding it hard to gain pace against the US Dollar and Bitcoin. XRP/USD needs to overcome selling pressure near $1.35-1.40 to move toward $2.00.

Ripple Price Crucial Resistance

There were many attempts by Ripple price recently to gain pace above the $1.35 and $1.40 resistances against the US Dollar. The price failed to gain momentum above $1.40 and started to decline slowly. A high was formed at $1.4737 from where the price is moving down. It has breached the 38.2% Fib retracement level of the last wave from the $1.134 low to $1.473 high.

On the upside, this week’s highlighted bearish trend line with current resistance at $1.35 is a solid barrier on the hourly chart of the XRP/USD pair. The trend line resistance at $1.35 is also close to the 100 hourly simple moving average. The pair is finding it very hard to break the trend line, $1.40 and the 100 hourly SMA. As long as the pair is below $1.40, it could decline further. An immediate support is around the 61.8% Fib retracement level of the last wave from the $1.134 low to $1.473 high.

Ripple Price Technical Analysis XRP USD

There is a chance of a minor dip in XRP before the price gains strength to surpass $1.35 and 100 hourly SMA in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is almost flat with no bullish sign.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving to and fro below the 50 level.

Major Support Level – $1.2000

Major Resistance Level – $1.3500

 

Charts courtesy – Trading View, Kraken

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