news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

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

The post Ripple Price Technical Analysis – XRP/USD Struggle Continues appeared first on NewsBTC.

No Comments

Post A Comment