Key Highlights
- Ripple price failed to recover above the $0.3600 resistance level and declined against the US dollar.
- There is a major bearish trend line formed with resistance at $0.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently at a risk of a downside break below the $0.3400 and $0.3300 support levels.
Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD could accelerate declines if sellers push the price below $0.3400.
Ripple Price Analysis
Yesterday, we discussed a possible downward move towards $0.3000 in ripple price against the US Dollar. The XRP/USD pair did trade lower and broke the $0.3500 support level. The price tested the $0.3400 level and it is currently consolidating losses. The current price action is bearish below $0.3600 and the 100 hourly simple moving average. An initial resistance is near the 23.6% Fib retracement level of the recent slide from the $0.3753 high to $0.3400 low.
On the upside, there are many hurdles for buyers near the $0.3550 and $0.3600 levels. There is also a major bearish trend line formed with resistance at $0.3550 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the recent slide from the $0.3753 high to $0.3400 low. Above the trend line, the next hurdle is near the $0.3600 level and the 100 hourly SMA. Therefore, if the price corrects higher, it could find a strong resistance near $0.3500 or $0.3600.
Looking at the chart, ripple price is struggling to recover above $0.3600. If sellers remain in action, the price could break the $0.3400 low. The next key support is at $0.3300, below which the price may test $0.3180.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now around the 35 level.
Major Support Level – $0.3400
Major Resistance Level – $0.3600