Ripple Price Technical Analysis – XRP/USD Breaks Key Support


Ripple price broke down against the US Dollar and Bitcoin. XRP/USD is now below $0.2500 and facing many upside hurdles.

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Key Highlights

  • Ripple price failed to hold an important support at $0.2350 against the US Dollar and declined.
  • There was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price might correct higher in the short term, but likely to face sellers near $0.2500.

Ripple price broke down against the US Dollar and Bitcoin. XRP/USD is now below $0.2500 and facing many upside hurdles.

Ripple Price Resistance

Yesterday, we saw a major support in Ripple price above $0.2500 against the US Dollar. The price was correcting lower from the $0.2950 swing high towards $0.2550-0.2500. It failed to hold the stated $0.2500 support and declined sharply. The worst part was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair. The pair even broke the $0.2350 support and declined towards the $0.2170 level.

A low was formed near $0.2170 from where the price started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low. However, the most important resistance is near the $0.2500 level. It was a support earlier and now sellers may prevent a break above $0.2550. There is also a bearish trend line forming with resistance at $0.2440.

Moreover, the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low is at $0.2470. Overall, it seems like there is a major resistance forming near $0.2500 for XRP. In the short term, selling close to the $0.2500 level can be considered with a tight stop.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the oversold levels.

Major Support Level – $0.2200

Major Resistance Level – $0.2500

 

Charts courtesy – Trading View, Kraken

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