Ripple Price Analysis: XRP/USD At Risk Of More Losses
Key Highlights
- Ripple price failed to move above the $0.4400 and $0.4500 resistances and declined against the US dollar.
- There was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to break the recent low of $0.4000 to extend the current decline in the near term.
Ripple price failed to gain momentum against the US Dollar and Bitcoin. XRP/USD is down below $0.4300 and it could continue to move down.
Ripple Price Analysis
The past three sessions were pretty bearish as ripple price failed to break the $0.4500 resistance against the US Dollar. The XRP/USD pair even struggled to clear the $0.4400 resistance and remained well below the 100 hourly simple moving average. During the decline, there was a break below the 61.8% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high.
Moreover, there was a downside break below a contracting triangle with support at $0.4300 on the hourly chart of the XRP/USD pair. The pair is now trading well below the $0.4400 resistance and the 100 hourly SMA. The current price action is clearly negative below the 76.4% Fib retracement level of the recent wave from the $0.4006 low to $0.5010 high. It seems like there are high chances of more losses below the $0.4060 support. If sellers gain control, the price may even clear the $0.4000 support area for an extended decline.
Looking at the chart, ripple price remains at a risk of more losses below $0.4100. On the upside, an initial resistance is near the $0.4300 level. However, a proper break above the $0.4450 level is needed for buyers to gain strength in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.
Major Support Level – $0.4000
Major Resistance Level – $0.4450
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by Aayush Jindal on November 23, 2018 at 09:58AM