Ripple Price Analysis: XRP Testing Crucial Support, Breakdown Incoming?

2019-2-5 08:00

Ripple price is under pressure and it recently broke the $0.2980 support level against the US dollar. There is a major bearish trend line formed with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could accelerate losses if there is a downside break below the $0.2940 support in the near term.

Ripple price declined further and broke key supports against the US Dollar and Bitcoin. XRP/USD is currently at a risk of a downside break below the $0.2940 and $0.2920 supports.

Ripple Price Analysis

Yesterday, we saw a downside reaction in ripple price below the $0.3110 support level against the US Dollar. The XRP/USD pair declined below the $0.3050 and $0.3000 support levels to enter a bearish zone. Later, the price even broke the $0.2980 support and the 100 hourly simple moving average. It tested the $0.2940 support area and later started a short term upside correction. It recovered above the $0.2980 resistance and the $0.3000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.3110 high to $0.2940 low.

However, the price failed to gain momentum above the $0.3000 and $0.3020 levels. There was no test of the 50% Fib retracement level of the recent decline from the $0.3110 high to $0.2940 low. The price remained well below the $0.3025 resistance and the 100 hourly simple moving average. Besides, there is a major bearish trend line formed with resistance near $0.2980 on the hourly chart of the XRP/USD pair. To start a decent recovery, the price must break the trend line, $0.3000, and the 100 hourly SMA. The next key resistances are positioned near $0.3025 and $0.3045.

Looking at the chart, ripple price is currently trading near a crucial support at $0.2940. If there is a downside break, the price might accelerate losses below the $0.2920 and $0.2900 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to recover above the 40 level.

Major Support Level – $0.2940

Major Resistance Level – $0.3025

The post Ripple Price Analysis: XRP Testing Crucial Support, Breakdown Incoming? appeared first on NewsBTC.

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Ripple (XRP) на Currencies.ru

$ 0.5167 (+0.00%)
Объем 24H $559.586m
Изменеия 24h: -0.47 %, 7d: -3.86 %
Cегодня L: $0.5163 - H: $0.5201
Капитализация $28.649b Rank 7
Цена в час новости $ 0.3007 (71.83%)

price support xrp ripple 2980 pair testing

Источник: newsbtc.com

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