Tuesday, January 31, 2023
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    Ripple Price Technical Analysis – XRP/USD Decline Underway

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    Key Highlights

    • Ripple price failed to gain pace and is currently trading below the $0.1900 level against the US Dollar.
    • Yesterday’s highlighted major bearish trend line with current resistance at $0.1900 on the hourly chart of XRP/USD (data source from Kraken) is still active.
    • The price is now below $0.1850 and the 100 hourly simple moving average, which is a bearish sign.

    Ripple price is struggling to gain traction against the US Dollar and Bitcoin. XRP/USD might correct lower and retest the $0.1750 level in the near term.

    Ripple Price Decline

    There was a short-term top in place above $0.1950 in Ripple price against the US Dollar. The price started correcting lower after trading as high as $0.1969. Initially, there was a break of the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1969 high. It has opened the doors for more losses below $0.1900. The price recently broke an important support near $0.1850 and the 100 hourly simple moving average.

    On the upside, yesterday’s highlighted major bearish trend line with current resistance at $0.1900 on the hourly chart of XRP/USD is acting as a strong barrier. On the downside, there is a connecting trend line with support at $0.1780. The $0.1780 level is the 38.2% Fib retracement level of the last wave from the $0.1500 low to $0.1969 high.

    Therefore, the $0.1780 level might hold losses in the short term. However, if sellers manage a close below $0.1780, there can be further declines towards $0.1700. The next important support sits near the 61.8% Fib retracement level of the last leg from the $0.1500 low to $0.1969 high at $0.1677.

    Looking at the technical indicators:

    Hourly MACD – The MACD for XRP/USD is moving into the bearish zone.

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

    Major Support Level – $0.1750

    Major Resistance Level – $0.1900

     

    Charts courtesy – Trading View, Kraken

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