Ripple (XRP) started strong early last week, reaching a high of approximately $0.61. It has lost momentum since, having dwindled to a low of $0.47 this week. The current price of XRP is $0.49.
Key Motions Of The Ripple (XRP) Price
- Overall, Ripple’s price has had a uniform downswing, with slight deviations in the past week.
- Conversely, Ripple is closing off the descending trend line that’s been holding sway since the beginning of the month, possibly signaling a reversal.
- The price is still testing the broken resistance, possibly signaling a fake out.
- Ripple’s technical indicators suggest that the selloff could still resume.
- Although Ripple has started to break above the descending trend line on its 1-hour chart, it is still too close to the resistance.
A Deeper Price Analysis
The past week saw a steady price reduction from its high of $0.61. The downside began after the $0.5440 high swing in the Ripple price against the US Dollar.
The XRP/USD pair declined, crushing a couple of important support levels like $0.52 and $0.505. The downside move rendered the price to settle below $0.5000 and the 100 hourly simple moving average. Ripple traded for as low as $0.462 and it is currently correcting higher.
The XRP price has proceeded above the 23.6% Fib retracement level of the recent dip from the $0.5284 high to the $0.4620 low. Despite this plunge, the price is approaching a pivotal resistance area near $0.495.
There is an important trend line in place indicating a major bear with the resistance at $0.495 on the hourly chart of the XRP/USD pair. This trend line is reaching close to the 50% Fib retracement level of the recent decline from the $0.528 high to $0.462 low.
Thus, clearing the $0.4950 resistance will not be an easy task for buyers. Above this, the next major hurdle rests near $0.505, which had been a previous support.
As per the chart, the Ripple price has received considerable pressure below $0.505. If it fails to recover above $0.495, there is a possibility for more losses towards the $0.46 price point.
The technical indicators reveal that Ripple has an hourly MACD moving towards the bullish region. The hourly RSI (Relative Strength Index) for the XRP/USD pair is now back above the 50 level. XRP has a major support level of $0.4620 and a major resistance level of $0.4950.
The price of Ripple is currently at $0.492.
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