Ripple Price Analysis: Will XRP/USD Break $0.50?

Ripple Price Analysis: Will XRP/USD Break $0.50?

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Key Highlights

* Ripple cost failed to regain and extended its decrease towards the 0.50 degree against the US dollar.
* There’s a significant bearish tendency line forming resistance around $0.5300 about the hourly chart of this XRP/USD set (data origin from Kraken).
* The set has to break the 0.53 immunity and move higher to prevent more reductions in the long run.
* XRP/USD crashed and nearly analyzed the 0.50 support zone.

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Ripple Price Analysis

There was no more significant upside move over the 0.5600 amount in Ripple cost against the US Dollar. The cost failed to regain and confronted sellers about $0.5600. Consequently, there was a downside move along with the cost traded under the 0.5500 and $0.5200 service amounts. It nearly exchanged near the $0.5000 amount and shaped a low round the 0.5035 level.

A low was shaped and the cost started an upside down correction over the $0.5100 level. On the other hand, the present upside movement is shielded from the $0.5300 resistance. There’s also a major bearish tendency line forming resistance near $0.5300 about the hourly chart of this XRP/USD pair. The set may increase in the long run over $0.5300, but it might face different hurdles. The 50% Fib retracement level of the previous fall from the $0.5990 swing high to $0.5035 reduced is sitting round the $0.5500 level to function as a barrier for buyers.

Taking a look at the graph, the purchase price could struggle to move above the $0.5500 level, which might bring about a drawback push. From the mentioned scenario, there’s a probability of a bearish break below the $0.5000 level.

Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.5500

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Author: Crypto Crimson Staff
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