Analysis Technical

Ripple Price Analysis: XRP/USD Broke Significant Support

Aayush Jindal | May 23, 2018 | 6:30 am
technical analysis ripple
Analysis

Ripple Price Analysis: XRP/USD Broke Significant Support

Aayush Jindal | May 23, 2018 | 6:30 am

Key Highlights

  • Ripple price failed to hold a major support area near $0.6500 and declined against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct higher, but the broken support at $0.6500 is likely to act as a hurdle.

Ripple price declined further against the US Dollar and Bitcoin. XRP/USD is now well below $0.6500 and is eyeing more losses in the near term.

Ripple Price Bearish Bias

There was a sharp increase in bearish pressure on Ripple price below the $0.7000 level against the US Dollar. The price declined sharply and broke a major support area near $0.6500. It has opened the doors for more declines towards $0.6000 since the price is now well below the 100 hourly simple moving average. A low was formed recently at $0.6236 where buyers protected further losses.

At the moment, the price is consolidating above $0.6200. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low. Moreover, there is also a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair. The most important hurdle for buyers is near $0.6500. The stated $0.6500 level was a support earlier and now it could prevent upsides. The same level is also close to the 50% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low.

Ripple Price Analysis XRP USD

Looking at the chart, the price is in a bearish trend below $0.6500. Any corrections from the current levels could be capped by $0.6500 and $0.6700. On the downside, a break below $0.6230 will most likely push the price towards $0.6000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.6200

Major Resistance Level – $0.6500

Tags: , , , , , , , , , ,
  • 33 Precise

    It is because of the rapists!

thecaa is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at thecaa, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!