Can Ripple Break This Resistance?

23 January, 2018

Can Ripple Break This Resistance?

Ripple price is correcting higher against the US Dollar and Bitcoin. XRP/USD is facing a major resistance on the upside around $1.48-1.50 and the 100 hourly SMA.

Ripple Price Remains Bearish

There was a break below the $1.45 support level in Ripple price recently against the US Dollar. The price traded lower and broke the $1.20 support. It also traded below the 50% Fib retracement level of the last leg from the $0.8830 low to $1.7445 high. It traded close to the $1.1500 level and formed a low at $1.1361. Later, it started an upside correction and recovered above the $1.20 level.

There was a push above the 23.6% Fib retracement level of the last decline from the $1.65 high to $1.13 low. However, there are many resistances on the upside near $1.45-1.48. Most importantly, yesterday’s highlighted key bearish trend line with current resistance at $1.4800 is intact on the hourly chart of the XRP/USD pair. The trend line resistance at $1.48 is close to the 100 hourly simple moving average. Moreover, the 61.8% Fib retracement level of the last decline from the $1.65 high to $1.13 low is around the same trend line.

On the downside, the $1.20 level is a short-term support. If the price fails to move above the $1.48 resistance, it could break the $1.20 support for more losses.

Looking at the technical indicators:

  • Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has managed to move above the 50 level.
  • Major Support Level – $1.2000
  • Major Resistance Level – $1.4800

Key Highlights

  • Ripple price traded lower recently towards the $1.3500 support area against the US dollar.
  • Yesterday’s highlighted key bearish trend line with current resistance at $1.4800 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may move further higher, but it won’t be easy for buyers to break $1.50 and the 100 hourly simple moving average.

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