Ripple Price Analysis: XRP/USD Correcting Lower Towards $0.3200 Support

By September 4, 2018Ripple
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Key Highlights

  • Ripple price is slowly declining and it is currently trading below the $0.3400 support against the US dollar.
  • There is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may perhaps continue to correct lower and it could test the $0.3200 support.

Ripple price is slightly under pressure against the US Dollar and Bitcoin. XRP/USD could revisit the $0.3200 support before climbing higher once again.

Ripple Price Decline

Yesterday, we discussed about a downside move below $0.3400 in Ripple price against the US Dollar. The XRP/USD pair declined slowly and steadily from the $0.3530 swing high. The decline was such that the price settled below the $0.3400 support and the 100 hourly simple moving average. Moreover, it recently broke the 61.8% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high.

It seems like the price may even trade below the $0.3300 support area in the near term. More importantly, there is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair. An initial support is near the $0.3290 level. It coincides with the 76.4% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high. Therefore, a break below $0.3290 is likely to open the gates for a push towards the last swing low at $0.3255.

Ripple Price Analysis XRP USD

Looking at the chart, ripple price is clearly under pressure below $0.3380 and the 100 hourly SMA. If the price succeeds in breaking the channel resistance and $0.3380, it could move back above $0.3400. On the other hand, a break below $0.3300 clears the path for more losses.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 45 level.

Major Support Level – $0.3290

Major Resistance Level – $0.3360

Tags: Opinion, Ripple Price, Ripple Price Analysis, Ripple Price Chart, Ripple Price Forecast, ripple xrp, trading, xrp, xrp btc, xrp usd, XRPUSD

Ripple price is slowly declining and it is currently trading below the $0.3400 support against the US dollar.

There is a key declining channel in place with […]

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