Analysis

XRP Price Technical Analysis February 6

XRP Price failed to move higher and it recently traded below $0.6000 against the US dollar, and because of this failed attempt, the pair is likely to extend the current decline towards the next support at $0.5000.

There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair.  There was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.

However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.

Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.

The bottom could be a full reversal of the rally that saw Ripple move from sub-$0.30 levels back in early December.

Ripple’s market cap has tumbled from an all-time high $130.3bn to $24.7bn and one gets the feeling that the cryptomarkets have some way to go before bottoming out. At the time of writing, Ripple was down another 17.8% to $0.638 in the 24 hours chart.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving near the oversold levels.

Major Support Level – $0.5000

Major Resistance Level – $0.6500

 

Source: NewsBTC

 

 

 

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