Wednesday, February 21, 2024
More

    Ripple Price Technical Analysis – XRP/USD Extends Decline

    Latest Posts

    Key Highlights

    • Ripple price remained under a bearish pressure and it traded below the $2.00 level against the US Dollar.
    • Yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The price may extend its decline and it could even trade towards the $1.70 level.

    Ripple price is struggling to recover against the US Dollar and Bitcoin. XRP/USD might continue to decline and is currently well below $2.00.

    Ripple Price Upside Hurdle

    Yesterday, we saw the start of a new downside wave in Ripple price from well above $2.80 against the US Dollar. The price recovered once above the $2.20 level. However, the upside move was capped by the $2.50 level. Moreover, the 61.8% Fib retracement level of the last drop from the $2.82 high to $1.60 low also acted as a hurdle. A new downside wave was initiated and the price moved below the $2.20 level.

    There was also break below the 50% Fib retracement level of the last wave from the $1.60 low to $2.58 high. At the moment, the price is below $2.00 and the 100 hourly simple moving average. It seems like the price may extend declines and it could even test the $1.70 level in the short term. On the upside, an initial resistance is at $2.10. Moreover, yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair.

    On the downside, an initial support is at $1.85. Moreover, the 76.4% Fib retracement level of the last wave from the $1.60 low to $2.58 high is also around $1.85. Therefore, the $1.85 level may act as a support, but the main support is at $1.70.

    Looking at the technical indicators:

    Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.

    Major Support Level – $1.70

    Major Resistance Level – $2.10

     

    Charts courtesy – Trading View, Kraken

    Latest Posts

    Don't Miss