Analysis

XRP Price Technical Analysis February 5

Ripple had a tough weekend, falling 8.84% through the weekend to an end of Sunday $0.82089.

At the time of writing XRP is trading for $0.79232 with a -12% in the last 24 hours.

Although there is still plenty of optimism  surrounding Ripple,  investors are expecting prices to move through $3.00 levels once the market settles down and investors begin to focus just on the technology the company is offering.

There was a small rise in Ripple price from the $0.6041  low against the US Dollar. The price moved above the $0.8500 and $0.9000 resistance levels. However, it failed to move above the $0.9500 and $0.9600 resistance levels. As a result, a downside move was initiated and the price moved below the $0.9000 support. There was a break below the 50% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high.

The upside move was protected by a major bearish trend line with resistance at $0.8000 on the hourly chart of the XRP/USD pair. Moreover, it is holding the 61.8% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high. It must stay above the $0.7500 support area to avoid any further declines. If it fails to stay above $0.7500, there is a chance of XRP sliding back towards $0.7000.

The next major support is at 76.4% Fib retracement level of the last wave from the $0.6041 low to $0.9661 high at $0.6895. On the upside, the price has to break the $0.8000 and $0.8200 resistance levels to gain upside momentum.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.7500

Major Resistance Level – $0.8200

 

Sources: NewsBTC and FXempire

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