- Ripple price failed to hold gains above the $0.3120 and $0.3100 supports against the US dollar.
- The price tested the $0.3060 support and it is currently trading near the $0.3100 pivot level.
- There is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could either dip sharply below $0.3060 or it may rise above the $0.3110 and $0.3120 resistances.
Ripple price trimmed its recent gains and declined against the US Dollar and bitcoin. XRP/USD might accelerate losses if it fails to break the $0.3120 resistance level in the near term.
Ripple Price Analysis
Yesterday, we saw a nice upward move in ripple price above the $0.3150 and $0.3200 resistances against the US Dollar. The XRP/USD pair even tested the $0.3250 level, but it failed to hold gains. As a result, there was a sharp decline below the $0.3200 and $0.3150 levels. The price even spiked below the $0.3120 support and the 100 hourly simple moving average. A swing low was formed at $0.3060 before the price corrected higher during BTC and Ethereum recovery.
The price moved above the $0.3080 level and tested the 23.6% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. However, the price seems to be facing a strong resistance near the $0.3105 level and the 100 hourly SMA. Besides, there is a key contracting triangle in place with resistance at $0.3110 on the hourly chart of the XRP/USD pair. If the pair manages to climb above the $0.3110 and $0.3120 resistance levels, there could be a decent recovery.
The next resistance is near the $0.3150 level. It represents the 50% Fib retracement level of the recent drop from the $0.3245 high to $0.3061 low. On the other hand, if the price fails to move above the $0.3110 resistance, there may be a sharp dip. The $0.3060 support is crucial, below which the price might decline heavily. The next key supports are near $0.3040 and $0.3015.
Looking at the chart, ripple price is currently trading near a crucial juncture below the $0.3110 resistance. If buyers fail to gain strength, the price might start a nasty decline below $0.3060. In the short term, there could be range moves before the price either climbs above $0.3120 or revisits the $0.3060 support level.
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to stay above the 50 level and moving lower with a bearish angle.
Major Support Levels – $0.3060, $0.3040 and $0.3015.
Major Resistance Levels – $0.3110, $0.3120 and $0.3150.
Ripple (XRP/USD) forecast and analysis on July 17, 2019
Cryptocurrency Ripple (XRP/USD) is trading at 0.3162. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Ripple. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ripple (XRP/USD) forecast and analysis on July 17, 2019
As part of the forecast Ripple course is expected to test the level of 0.3270. Where should we expect an attempt to continue the fall of XRP/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 0.2620. The conservative area for Ripple sales is located near the upper border of the Bollinger Bands indicator at 0.3450.
Cancellation of the option to continue the decline in the Ripple rate will be a breakdown of the upper border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of quotations of the pair above the 0.3620 area. This will indicate a change in the current trend in favor of the bullish for XRP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall of the cryptocurrency.
Ripple (XRP/USD) forecast and analysis on July 17, 2019 implies a test level of 0.3270. Further, it is expected to continue falling to the area below the level of 0.2620. The conservative area for selling Ripple is located area of 0.3450. Canceling the option of falling cryptocurrency will be a breakdown of the level of 0.3620. In this case, we should expect continued growth.
Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers
- The bear pressure further pushed Ripple below $0.29 before forming lower support at $0.28.
- “I agree that crypto isn’t likely to replace fiat currencies,” Garlinghouse.
Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. However, the bear pressure further pushed Ripple below $0.29 before forming lower support at $0.28.
The debate surrounding Facebook’s Libra project has seen the CEO of Ripple Brad Garlinghouse advise the crypto industry to work hand in hand with regulators to guarantee success. In a series of tweets, Garlinghouse said that it unlikely that crypto will take the place of fiat currencies in the financial economy.
“I agree that crypto isn’t likely to replace fiat currencies – I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime,” he wrote.
Meanwhile, XRP has recovered stepping above $0.3 as the bull’s push towards the falling wedge pattern breakout. Although movement north is still hampered by the selling pressure, XRP/USD has a positive technical picture as seen on the 2-h chart.
Also Read: Cryptocurrencies are not substitutes for fiat currencies – Brad Garlinghouse
The Relative Strength Index (RSI) is currently horizontal at 46 following a recovery from the levels at 30. At the same time, the Moving Average Convergence Divergence (MACD) is stuck in the negative side but moving sideways at -0.004 in addition to having an inclination to the upside.
BTC/USD 2-h chart source
Has #XRPArmy Turned Against Ripple? Not Really
XRP’s recent drop below the $0.30 level was a major test for Ripple’s Twitter army, but they won’t abjure their allegiance
Tiffany Hayden, one of the most vocal members of the XRP army, has been suspected of becoming a non-believer after questioning the strength of the Ripple network.
That conveniently coincided with the XRP price nose-diving below the $0.30 mark due to the continuous market sell-off.
Everyone who keeps tabs on crypto Twitter has hardly seen any negative comments about Ripple posted by Hayden. However, she recently assumed that the network wouldn’t last much longer if Ripple shuttered that night.
There were legitimate reasons to believe that this might be the case given the painful experience of Stellar, which is considered to be Ripple’s direct competitor.
However, despite these concerns, Hayden made it absolutely clear she hasn’t lost her faith in XRP, claiming that she would rather sell a kidney than her bags of Ripple’s native token.
She later clarified that the kidney wouldn’t be her own (hopefully, she was joking).
Notably, Ripple’s XRP turned out to be one of the best-performing currencies during the recent sell-off, clinging onto the $0.30 price tag.
Image by CoinMarketCap
Still, its underwhelming overall performance in 2019 made many XRP investors reconsider their loyalty.