Tuesday, January 31, 2023
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    Ripple Price Technical Analysis – XRP/USD To Retest $0.2000?

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    Key Highlights

    • Ripple price failed to remain above the $0.2200 level and moved down against the US Dollar.
    • This week’s highlighted descending channel with current resistance at $0.2200 on the hourly chart of XRP/USD (data source from Kraken) is still in place.
    • The price is currently trading near an important support level at $0.2060.

    Ripple price is back to the range support levels against the US Dollar and Bitcoin. XRP/USD might decline further to test the $0.2000 support area.

    Ripple Price Support

    Yesterday, Ripple price was seen making an attempt to settle above the $0.2250-0.2230 resistance against the US Dollar. The price failed to gain momentum and declined below $0.2200. There was a break below a major bullish trend line with support at $0.2150 on the hourly chart of BCH/USD. The pair also moved below the $0.2100 support and the 100 hourly simple moving average. It opened the doors for more declines and the price moved towards an important support at $0.2060.

    The stated $0.2060 support is currently holding losses. On the upside, an initial resistance is around $0.2159. It is the 50% Fib retracement level of the last drop from the $0.2250 high to $0.2060 low. However, the most important hurdle is around this week’s highlighted descending channel with current resistance at $0.2200. It won’t be easy for buyers to push the price above $0.2200 and the channel resistance. On the downside, a break below $0.2060 could take the price towards $0.2000.

    The $0.2000 support is key and must hold to avoid a major change in the trend. We can witness more ranging moves in the near term before the price attempts a recovery towards $0.2200.

    Looking at the technical indicators:

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

    Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the oversold levels.

    Major Support Level – $0.2060

    Major Resistance Level – $0.2200

     

    Charts courtesy – Trading View, Kraken

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