Tuesday, January 31, 2023
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    Ripple Price Technical Analysis – XRP/USD Attempting Downside

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    Key Highlights

    • Ripple price is struggling to hold the bullish bias above $0.2000 against the US Dollar.
    • The XRP/USD pair recently made an attempt to break this week’s pointed bullish trend line with current support at $0.2030 on the hourly chart (data source from Kraken).
    • The price might break the $0.2000 support in the near term before bouncing again.

    Ripple price is struggling to gain pace against the US Dollar and Bitcoin. XRP/USD might correct lower towards $0.1950 before moving back up.

    Ripple Price Correction Possible

    It seems like Ripple price is not able to gain upside momentum above $0.2100 against the US Dollar. The price recently declined and broke the $0.2000 level before recovering. However, during the downside move, the price cracked the 100 hourly simple moving average at $0.2010. It is currently back above the 100 hourly SMA, but lacking pace and might break $0.2000 once again.

    Moreover, the XRP/USD pair also made an attempt to clear this week’s pointed bullish trend line with current support at $0.2030 on the hourly chart. At the moment, the pair is just above the trend line support at $0.2030 and the 100 hourly SMA. Once there is a break and close below $0.2000, there can be a downside push towards $0.1950. An immediate support sits around the 50% Fib retracement level of the last wave from the $0.1880 low to $0.2093 high.

    The most important support is near $0.1950 and the 61.8% Fib retracement level of the last wave from the $0.1880 low to $0.2093 high. On the upside, buyers need to gain momentum above $0.2100 to push the price towards $0.2250.

    Looking at the technical indicators:

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

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

    Major Support Level – $0.2000

    Major Resistance Level – $0.2100

     

    Charts courtesy – Trading View, Kraken

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