Analysis

Ripple Price Analysis: XRP/USD Recovery Remains Capped Near $0.3500

Key Highlights

  • Ripple price declined sharply and traded towards the $ 0.3250 level against the US dollar.
  • This week’s followed key bearish trend line is still active with resistance at $ 0.3420 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to face a lot of hurdles near the $ 0.3420, $ 0.3465 and $ 0.3500 levels.

Ripple price traded to new weekly lows against the US Dollar and Bitcoin. XRP/USD is likely to struggle to break the $ 0.3465 and $ 0.3500 resistance levels.

Ripple Price Analysis

There were further declines in ripple price below the $ 0.3600 support level against the US Dollar. The XRP/USD pair broke the $ 0.3405 support level to trade to a new weekly low. Sellers pushed the price below the $ 0.3300 level and the 100 hourly simple moving average. A low was formed at $ 0.3241 and later the price bounced back above $ 0.3300. It broke the 23.6% Fib retracement level of the recent decline from the $ 0.3601 high to $ 0.3241 low.

However, the current recovery is facing a solid resistance near the $ 0.3400 level, which was a support earlier. Besides, this week’s followed key bearish trend line is still active with resistance at $ 0.3420 on the hourly chart of the XRP/USD pair. An upside break above the $ 0.3420 level may push the price towards the key $ 0.3500 resistance. An intermediate resistance is positioned at $ 0.3465. It coincides with the 61.8% Fib retracement level of the recent decline from the $ 0.3601 high to $ 0.3241 low. Therefore, if the price moves higher, it could face a lot of hurdles near the $ 0.3420, $ 0.3465 and $ 0.3500 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is still in a downtrend as long as below $ 0.3500 and the 100 hourly SMA. On the downside, a break below $ 0.3250 could push the price towards $ 0.3180 or $ 0.3120.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD moved back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD jumped above the 50 level.

Major Support Level – $ 0.3250

Major Resistance Level – $ 0.3500

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