06 Feb Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000
- Ripple price failed to move higher and it recently traded below $0.6000 against the US dollar.
- There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair is likely to extend the current decline towards the next support at $0.5000.
Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may retest the $0.5000 support area in the near term.
Ripple Price Decline
There was no substantial recovery in Ripple price yesterday as it failed to move above the $0.7500 resistance area against the US Dollar. The price traded lower and it recently broke the $0.7000 support level. More importantly, there was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.
It seems like the price is under a lot of pressure and it could extend declines below $0.5500. The next major support is around the 1.236 Fib extension of the last wave from the $0.6040 low to $0.9680 high at $0.5181. However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.
Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.
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 moving near the oversold levels.
Major Support Level – $0.5000
Major Resistance Level – $0.6500
Charts courtesy – SimpleFX
The post Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000 appeared first on NewsBTC.