Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.5500

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Key Highlights

  • Ripple price found support above $0.5500 after a major decline against the US dollar.
  • There is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct a few points higher in the near term, but upsides are likely to be capped by $0.6000.

Ripple price faced a lot of selling pressure this week against the US Dollar and Bitcoin. XRP/USD is now consolidating above the $0.5500 support level.

Ripple Price Resistance

Yesterday, we saw a major decline in Ripple price from well above $0.6000 against the US Dollar. The price fell sharply and settled below the mentioned $0.6000 level and the 100 hourly simple moving average. A low was formed near the $0.5572 before the price a short-term support. A minor upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low.

However, the upside move was capped by the $0.6000 level. Moreover, the 38.2% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low also prevented further gains. Basically, there was a rejection from the $0.6000 level and the price is now consolidating in a range above $0.5500. On the upside, there is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. Above the mentioned $0.6000, the next hurdle is near the $0.6140 level.

Ripple Price Technical Analysis XRP USD

In terms of the support, the $0.5500 level holds the key. A push below $0.5500 could ignite further losses and the price may even test the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is showing signs of range trading in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slightly moving higher from the 40 level.

Major Support Level – $0.5500

Major Resistance Level – $0.6000

 

Charts courtesy – Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.



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