Key Highlights
- Ripple price remains in a bearish trend below the $2.00 handle against the US Dollar.
- There is a declining channel forming with current resistance at $1.90 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently in a declining mode and it could test the $1.70 support area in the near term.
Ripple price is struggling to recover against the US Dollar and Bitcoin. XRP/USD has to move above the $2.00 level to overcome the current selling pressure.
Ripple Price Resistance
After a minor correction above the $2.20 level, Ripple price struggled to move further higher against the US Dollar. The price failed to stay above the $2.00 support and made a downside move. It traded below the $1.9870 support as well key $1.9500 level. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $1.5132 low to $2.4956 high.
There is clearly a lot of pressure on XRP and it seems like the price could decline further towards $1.70. At the moment, there is a declining channel forming with current resistance at $1.90 on the hourly chart of the XRP/USD pair. The pair is facing a lot of sellers and it could remain below $1.95-2.00 levels in the short term. On the downside, an initial support is around the 76.4% Fib retracement level of the last wave from the $1.5132 low to $2.4956 high.
It seems like the pair is poised to test the $1.70 level in the near term. On the upside, a break above the $2.00 level is must for more gains. Moreover, the 100 hourly simple moving average is at $2.05 to prevent upsides.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving slowly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Major Support Level – $1.70
Major Resistance Level – $2.00
Charts courtesy – Trading View, Kraken