Key Highlights
- Ripple price failed to recover and extended its decline towards the .50 level against the US dollar.
- There is a major bearish trend line forming with resistance near .5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break the .53 resistance and move higher to avoid more losses in the near term.
Ripple price was not able to recover yesterday against the US Dollar and Bitcoin. XRP/USD crashed and almost tested the .50 support zone.
Ripple Price Upside Hurdle
There was no major upside move above the .5600 level in Ripple price against the US Dollar. The price failed to recover and faced sellers around .5600. As a result, there was a downside move and the price traded below the .5500 and .5200 support levels. It almost traded close to the .5000 level and formed a low around the .5035 level.
A low was formed and the price started an upside correction above the .5100 level. It tested the 23.6% Fib retracement level of the last drop from the .5990 swing high to .5035 low. However, the current upside move is protected by the .5300 resistance. There is also a major bearish trend line forming with resistance near .5300 on the hourly chart of the XRP/USD pair. The pair may rise in the near term above .5300, but it could face other hurdles. The 50% Fib retracement level of the last drop from the .5990 swing high to .5035 low is sitting around the .5500 level to act as a hurdle for buyers.
Looking at the chart, the price may struggle to move above the .5500 level, which could result in a downside push. In the mentioned scenario, there is a risk of a bearish break below the .5000 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Major Support Level – .5000
Major Resistance Level – .5500
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