Ripple Price Analysis: XRP Trading Sideways Below Key Resistance

Ripple Price Analysis: XRP Trading Sideways Below Key Resistance

• Ripple price corrected lower and tested the $0.3130 support area against the US dollar.
• There was a break above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is currently trading in a range below the key resistance levels at $0.3200 and $0.3220.

Ripple price remains supported on dips against the US Dollar and bitcoin. However, XRP/USD must break the $0.3200 and $0.3220 resistance levels to gain bullish momentum.

Ripple Price Analysis

Yesterday, we saw yet another rejection near the $0.3220 resistance in ripple price against the US Dollar. The XRP/USD pair traded as high as $0.3230 and later started a downside correction. It moved below the $0.3200 level and the 100 hourly simple moving average. However, the decline was protected by the $0.3130 and $0.3120 support levels. Besides, the 61.8% Fib retracement level of the last leg from the $0.3046 low to $0.3230 high acted as a support. The price started a fresh upward move and traded above the $0.3140 level.

Buyers pushed the price above a key declining channel with resistance at $0.3145 on the hourly chart of the XRP/USD pair. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low. The current price action is slightly bearish since ripple is facing hurdles near the $0.3175 level and the 100 hourly SMA. Additionally, the 50% Fib retracement level of the recent decline from the $0.3230 high to $0.3123 low is acting as a resistance. If there is an upside break above $0.3175, the price could test $0.3200 and $0.3220.

Looking at the chart, ripple price seems to be trading in a tight range above the $0.3120 support level. If it fails to move past $0.3200, there is a risk of a downside break below the $0.3110 and $0.3080 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone, with no positive signs.

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

Major Support Level – $0.3120

Major Resistance Level – $0.3220

Published at Fri, 25 Jan 2019 05:00:34 +0000