Thursday, June 13, 2024
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    Ripple Price Technical Analysis – XRP/USD Under Pressure

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    Key Highlights

    • Ripple price declined sharply from the $2.80 swing high to well below $2.00 against the US Dollar.
    • There is a major bearish trend line forming with resistance at $2.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
    • The price may continue to struggle to break the $2.50 resistance and the 100 hourly simple moving average.

    Ripple price is under bearish pressure against the US Dollar and Bitcoin. XRP/USD could face an increase selling pressure around $2.50 in the near term.

    Ripple Price Resistance

    Yesterday, I pointed out an increase in selling pressure on Ripple price below $3.00 against the US Dollar. The price failed to make an upside move above $2.80 and started a major decline. The downside move was very strong as the price dipped below the $2.50 and $2.00 support levels. It even moved below the $1.80 support and traded as low as $1.6126. Later, an upside correction was initiated and the price moved above the 50% Fib retracement level of the last decline from the $2.80 high to $1.61 low.

    However, the price is facing a lot of hurdles near $2.50-2.60. There is a major bearish trend line forming with resistance at $2.50 on the hourly chart of the XRP/USD pair. The trend line resistance is also around the 100 hourly simple moving average at $2.60. Moreover, there was no proper break of the 76.4% Fib retracement level of the last decline from the $2.80 high to $1.61 low. Therefore, there is a risk of more losses in the near term from $2.50. Should the price succeeds in moving above $2.50, there can be more recoveries toward $2.80.

    On the downside, the $2.20 and $2.00 levels are decent supports and buy zones.

    Looking at the technical indicators:

    Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.

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

    Major Support Level – $2.20

    Major Resistance Level – $2.50

     

    Charts courtesy – Trading View, Kraken

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