Ripple Price Analysis: XRP/USD’s Support Turned Resistance at $0.3400

Key Highlights

  • Ripple price extended its downside move and broke the $0.3400 support area against the US dollar.
  • Yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair declined towards the $0.3200-50 support area and is currently correcting higher.

Ripple price faced an increased selling pressure against the US Dollar and Bitcoin. XRP/USD is moving higher, but the previous support at $0.3400 could act as a resistance.

Ripple Price Resistance

Yesterday, a short-term downside correction was initiated from the $0.3580 high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.3500 and $0.3450 levels. Later, sellers gained traction and the price declined below the $0.3400 support and the 100 hourly simple moving average. The price also broke the 61.8% Fib retracement level of the last leg from the $0.3190 swing low to $0.3579 high.

More importantly, yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair. The pair traded towards the $0.3200 support and established an intraday low at $0.3230. Later, the price corrected higher above the $0.3300 level. It also broke the 23.6% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low. It seems like the price may slowly climb higher towards the $0.3400 resistance and the 100 hourly SMA. However, it won’t be easy for buyers to clear $0.3400 and the 50% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low.

Looking at the chart, ripple price is following an ascending channel and it could rise towards $0.3400. If it fails to break $0.3400, it could decline back towards the $0.3200 support in the near term. Conversely, above $0.3400 the price may climb back above $0.3500.

Looking at the technical indicators:

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

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

Major Support Level – $0.3200

Major Resistance Level – $0.3400

Author: Aayush Jindal

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