Key Highlights
- Ripple price extended declines and moved below the $1.80 support against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price continues to move down and it could soon break the 1.60 low to for more losses.
Ripple price faced a lot of selling pressure against the US Dollar and Bitcoin. XRP/USD could accelerate declines and it may soon test or break the $1.50 level.
Ripple Price Decline
It seems like the current bearish pressure is here to stay on Ripple price below $2.00 against the US Dollar. The price was under a lot of pressure and it moved below the $1.80 and $1.70 support levels. The downside move is strong and the price is now below the $1.65 level. Recently, there was a recovery from the $1.6062 swing low with a break of the 23.6% Fib retracement level of the last decline from the $2.38 high to $1.60 low.
However, the upside move was capped by the $2.00 handle. Moreover, the 50% Fib retracement level of the last decline from the $2.38 high to $1.60 low also acted as a resistance. More importantly, yesterday’s highlighted crucial bearish trend line with current resistance at $1.85 is still in place on the hourly chart of the XRP/USD pair. It may continue to act as a strong barrier for buyers above $2.00. As long as the price is below the $2.00 handle, it remains at a risk of more losses below $1.60.
A break below the $1.60 level could open the doors for a test of the $1.50 level. Below the $1.50 level, there is a chance an extension towards the $1.40 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading lower towards the 25 level.
Major Support Level – $1.50
Major Resistance Level – $2.00
Charts courtesy – Trading View, Kraken
There is no extension levels. you can’t trade Selling XRP/USD because you are making money only when you are buying XRP!!! This article is total BS
Now Ripple XRP is only buy, buy as much as you can and forget at least up to 31st March.
But the coin isn’t directly linked to the success of the company… XRP may succeed, however Ripple may not.