Analysis

Ripple (XRP) Turned ‘Sell’ On Rallies: Key Resistance Levels To Watch

Ripple is down close to 5% and it broke the key $ 0.1680 support zone against the US Dollar. XRP price is currently correcting higher, but it is likely to face hurdles near $ 0.1700.

  • Ripple price declined below the $ 0.1720 and $ 0.680 support levels against the US dollar.
  • A low is formed near $ 0.1620 and the price is currently correcting higher.
  • There is a key bearish trend line forming with resistance near $ 0.1685 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to face a lot of selling interest if it corrects towards $ 0.1680 or $ 0.1700.

Ripple Price Turns Red

In the past few days, ripple faced an increase in selling pressure from well above the $ 0.1750 zone. XRP price broke a couple of important supports near the $ 0.1720 level to move into a bearish zone.

The bears gained traction and they succeeded in gathering momentum below the $ 0.1680 level and the 100 hourly simple moving average. The price traded as low as $ 0.1620 and it is currently correcting higher.

There was a break above the 23.6% Fib retracement level of the recent decline from the $ 0.1747 high to $ 0.1620 low. Ripple is currently trading higher, but it is likely to face a lot of hurdles near $ 0.1680.

There is also a key bearish trend line forming with resistance near $ 0.1685 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent decline from the $ 0.1747 high to $ 0.1620 low is also near the $ 0.1680 level to act as a major hurdle.

Ripple Price

Ripple Price

If there is an upside break above the $ 0.1680 resistance area, the price could test the $ 0.1700 barrier and the 100 hourly SMA. A clear break above the 100 hourly SMA is needed for a push towards $ 0.1750 in the near term.

More Downsides?

If ripple fails to recover above the $ 0.1680 and $ 0.1700 resistance levels, there are chances of more downsides in the near term. The main support is near the $ 0.1620 level, below which the bears are likely to aim the $ 0.1580 zone.

Any further losses may perhaps lead the price towards the $ 0.1550 support area in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering and moving towards the 50 level.

Major Support Levels – $ 0.1620, $ 0.1600 and $ 0.1580.

Major Resistance Levels – $ 0.1680, $ 0.1700 and $ 0.1720.

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Analysis – NewsBTC

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