Ripple Price (XRP) Showing Signs of Further Weakness

on
  • Ripple price recovered recently, but it failed to break the $0.2600 resistance area against the US dollar.
  • The price is currently moving lower and remains at a risk of more downsides below $0.2500.
  • Yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The current technical structure suggests more downsides as long as the price is below $0.2620.

Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could trade to a new monthly low if it continues to struggle below $0.2600.

Ripple Price Analysis

Yesterday, there was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar. The bears took control and pushed the price below the $0.2500 support level. Moreover, the price settled below the 100 hourly simple moving average and traded to a new monthly low at $0.2460. Recently, there was an upside correction above the $0.2500 and $0.2520 levels.

The price traded above the $0.2580 resistance level as well. However, the $0.2600 and $0.2620 resistance levels acted as key barriers. Finally, the price topped near $0.2623 and it is currently moving lower. Ripple is trading below the $0.2550 level plus the 50% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high. An immediate support on the downside is near the $0.2520 level.

Additionally, the 61.8% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high is also near the $0.2520 level. Therefore, a downside break below the $0.2520 support may accelerate decline. The next stop for the bears could be near the last swing low at $0.2460. More importantly, the price may perhaps continue to move down towards the $0.2420 and $0.2400 supports.

On the upside, there is a major resistance forming near the $0.2580 and $0.2600 levels. Besides, yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the bulls to push the price above the $0.2580 and $0.2600 resistances.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearly struggling to continue higher above $0.2580 and $0.2600. On the downside, a clear break below $0.2520 and $0.2500 is likely to push the price further lower. The bears are likely to target the $0.2420 and $0.2400 support levels in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is holding the 40 level, with a minor bullish angle.

Major Support Levels – $0.2520, $0.2500 and $0.2450.

Major Resistance Levels – $0.2580, $0.2600 and $0.2620.

The post Ripple Price (XRP) Showing Signs of Further Weakness appeared first on NewsBTC.



by Aayush Jindal on August 30, 2019 at 09:38AM

Comments

Post a Comment