XRP Price Technical Analysis January 31

The price of XRP today, Wednesday, January 31, 2018 in real time is XRP 1.10 (-0.12 -9.84%) at the time of writing this analysis the price of the Ripple is negotiated on the $ 1.12 reporting a fall of 10 % in the last 24 hours.

Key points in the analysis

The price of Ripple decreased further and was negotiated below the support area of ​​$ 1.1250 against the US dollar.

There is a  downtrend line that is formed with a resistance of $ 1.0800 on the hourly chart of the XRP / USD pair.
The pair is in a bearish trend and will most likely continue to pit sellers up $ 1.1000.

The price of the XRP extended its decline against the US dollar and Bitcoin.

Price trend of the Ripple (XRP)

There were further declines in the price from $ 1.2000 against the US dollar. The price was negotiated below the $ 1.1250. There was a sharp increase in selling orders and the price moved below the $ 1.0000 support as well. A minimum was formed at $ 0.9620. from where an upward correction started. It moves above the 23.6% retracement level of the last decline from the high of $ 1.1565 to the low of $ 0.9620.

However, it is currently facing a lot of obstacles near the $ 1.0800 level. The 50% Fibonacci retracement level of the last decline from the high of $ 1.1565 to the low of $ 0.9620 is acting as a resistance. In addition, a crucial bearish trend line is also forming with a resistance of $ 1.0800 on the XRP / USD pair time chart. There is also a horizontal resistance at $ 1.0850. Therefore, there are many upside resistance near $ 1.0800 and $ 1.1000.

As long as the pair is below the mentioned resistance of $ 1,1000, it is likely to decrease further. On the downside, the most important support is $ 1.0000. If there was a decrease below $ 1.0000, the price may accelerate losses towards the $ 0.8500 level.


Important technical indicators

MACD per hour: MACD for XRP / USD is strongly located in the bearish zone.

Hourly RSI (relative strength index): the RSI for XRP / USD is being corrected higher towards level 30.

Main support level – $ 1.0000

Higher resistance level – $ 1.1000

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