TheCryptoUpdates
Cryptocurrency News

Price Analysis of Ripple- XRP/USD Predicted to Decline

ripple

Key Highlights

  • Ripple price failed to break the $0.5450 and $0.5550 resistance levels against the US dollar.
  • Yesterday’s highlighted key bearish trend line was intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data sourced from Kraken). The pair could continue to face a lot of hurdles near the $0.5450 and $0.5500 resistance levels.

Ripple’s price is struggling to retain gains against the US Dollar and Bitcoin. XRP/USD may perhaps decline below $0.5100 as long as it is below $0.5500.

Ripple Price Analysis

Yesterday, we saw a decent recovery from the $0.5020 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.5200 and $0.5300 levels. It even traded above the 23.6% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. However, the upside move was capped by the $0.5450 and $0.5500 resistance levels (the previous supports).

There was no test of the 50% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. The price is currently moving lower from the $0.5420 level. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair. The trend line resistance and $0.5450 are close to the 100 hourly simple moving average. Therefore, if the price goes higher, it could face a lot of hurdles near the $0.5450 and $0.5500 resistance levels. Above $0.5500, the price is likely to visit the $0.5720 level and the 76.4% Fib retracement level of the last drop.

Looking at the chart, Ripple’s price is clearly at risk to incur more losses towards the $0.5020 swing low. If sellers remain in control, there are high chances of a test of the $0.5000 support area as well.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly moving lower in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 45 level.

Major Support Level – $0.5020

Major Resistance Level – $0.5500

 

Related Articles

SEC Shares Value Proposition regarding Crypto Regulation

Vijaya Bharti (Author)

An MIT student said Facebook stole his concept for Libra

Shreya Singh

Can your Crypto Wallet Generate Passive Income Daily?

Saurabh Singla