Analysis Aayush Jindal | February 21, 2019 | 5:00 am
Ripple price is consolidating above key supports against the US Dollar and bitcoin. XRP/USD needs to overcome sellers near $0.3345 to climb higher once again in the near term.
Ripple Price Analysis
Yesterday, we saw the start of a downside correction from the $0.3460 high in ripple price against the US Dollar. The XRP/USD pair declined below the $0.3300 and $0.3200 support levels. The decline was strong, but the $0.3150 support acted as a barrier for sellers. There was no close below $0.3150 and the price remained well above the 100 hourly simple moving average. A low was formed at $0.3158 and later the price started a fresh upward move. It climbed above the 23.6% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low.
Later, there was a spike above the $0.3300 resistance level. However, there was no close above the $0.3300-0.3310 resistance zone. The price even failed to stay above the 50% Fib retracement level of the last drop from the $0.3460 high to $0.3158 low. On the upside, there are two connecting bearish trend lines in place with resistance near $0.3280 on the hourly chart of the XRP/USD pair. Buyers need to take out $0.3280 and $0.3300 levels to start a fresh upward move.
On the downside, this week’s followed key bullish trend line is in place with support near $0.3250 on the same chart. If there is a downside break below the $0.3250 and $0.3220 supports, there could be more losses. The next key support is near $0.3160 and the 100 hourly simple moving average.
Looking at the chart, ripple price is clearly approaching the next key break either above $0.3300 or below $0.3220. The current price action is slightly bearish, with chances of a break below $0.3320. However, the $0.3160 swing low and support holds the key. As long as the price is above $0.3160, there are chances a decent comeback above $0.3350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently flat in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD dipped recently, but it managed to stay above the 50 level.
Major Support Levels – $0.3250, $0.3220 and $0.3160.
Major Resistance Levels – $0.3280, $0.3300 and $0.3345.
Tags: Ripple, xrp
