Key Highlights
- Ripple price after an upside move faced a strong resistance at $1.1500 against the US dollar.
- There was a break below a connecting bullish trend line with support at $1.0800 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair is currently holding the $1.00 support, but it is struggling to move higher.
Ripple price made a downside move recently against the US Dollar and Bitcoin. XRP/USD must stay above the $1.0000 support area to avoid further declines.
Ripple Price Resistance
There was a substantial recovery above $1.10 this past week in Ripple price against the US Dollar. The price traded above the $1.12 and $1.14 level, but it could not break the $1.15 resistance. It formed a high at $1.1508 and later started a downside move. It declined and broke the $1.10 support area to settle below the 100 hourly simple moving average.
During the downside, there was a break below a connecting bullish trend line with support at $1.0800 on the hourly chart of the XRP/USD pair. However, the downside move was protected by the $1.0000 support. A low was formed at $1.0055 before the price started an upside correction. It traded above the 23.6% Fib retracement level of the last decline from the 1.1508 high to $1.0055 low. However, the upside move was protected by the $1.06 level and the 100 hourly SMA. On the upside, there is a bearish trend line with resistance at $1.0700 on the same chart.
Therefore, an upside move above $1.06 and $1.07 won’t be easy. On the downside, the pair must hold the $1.00 support level to avoid further declines. Below $1.00, the price may decline towards $0.8500 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $1.0000
Major Resistance Level – $1.0700
Charts courtesy – SimpleFX
More ups and down than a rabbit being chased around a snow field.
lol. I suppose you are involved. for me, XRP represents one of the most uninspired investment, bought it around 20000 sats, despite it partnered up with dozens of big names nothing spectacular happens so definitely not a midterm asset to invest in
I bought in at 80 cents as a hedge. I am not in very deep.