HomeAltcoin NewsRipple Price Analysis: Bulls Facing Uphill Task Near $0.17

Ripple Price Analysis: Bulls Facing Uphill Task Near $0.17

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  • Ripple price is currently correcting higher after a massive decline of 50% against the US dollar.
  • The price is back above the $0.1400 area, but it is facing a lot of hurdles.
  • There is a major bearish trend line forming with resistance near $0.1700 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to struggle near the $0.1650 and $0.1700 resistance levels in the near term.

Ripple price is slowly recovering from the $0.1100 yearly low against the US Dollar. XRP price is now facing a couple of strong resistances near the $0.1700 area.

Ripple Price Analysis

This past week, there was a sharp decline in ripple price from well above $0.1900 against the US Dollar. XRP/USD broke many key supports near the $0.1800 and $0.1650 support levels to enter a bearish zone.

Moreover, there was a close below the $0.1800 level and the 55 simple moving average (4-hours). The price traded as low as $0.1100 and recently started an upside correction. There was a break above the $0.1300 resistance area.

The price also recovered above the 23.6% Fib retracement level of the key drop from the $0.2167 high to $0.1100 low. It is now trading nicely above the $0.1420 level, but also facing a strong resistance near $0.1635.

The 50% Fib retracement level of the key drop from the $0.2167 high to $0.1100 low seems to be acting as a major barrier for the bulls. There is also a major bearish trend line forming with resistance near $0.1700 on the 4-hours chart of the XRP/USD pair.

If there is an upside break above the $0.1635 resistance level and the trend line, there are chances of a decent recovery in the near term.

The next major resistance is near the $0.1900 area and the 55 simple moving average (4-hours). Conversely, the price might fail to continue above the $0.1635 and $0.1700 resistance levels.

On the downside, a major support is visible near the $0.1405 area. A successful downside break below the $0.1400 area could start a fresh decline towards the $0.1200 support in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly struggling to clear a couple of important barriers near $0.1635. Therefore, there is a risk of more losses below $0.1400 unless there is a clear break above $0.1700.

Technical indicators

4 hours MACD – The MACD for XRP/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 40 level and it is sliding.

Key Support Levels – $0.1405, $0.1350 and $0.1300.

Key Resistance Levels – $0.1635 and $0.1700.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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