Key Highlights
- Ripple price is struggling to remain above the $0.2400 support and moved below $0.2380 against the US Dollar.
- This is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might decline further and it could even test the $0.2300 support in the near term.
Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD might extend its decline and trade towards $0.2300 or $0.2200.
Ripple Price Resistance
There was no major upside move in Ripple price above the $0.2500 level against the US Dollar. The price struggled to remain above the $0.2500 level and started a downside move. During the downside move, there was a break below a couple of important supports such as $0.2450 and the 50% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. The worst part was a close below $0.2450 and the 100 hourly simple moving average.
It seems like the price could continue to move lower towards $0.2300 in the near term. The next major support is near $0.2316 and the 76.4% Fib retracement level of the last upside wave from the $0.2200 swing low to $0.2670 high. However, there are chances of it declining back towards $0.2200 in the near term. On the upside, there is a major bearish trend line forming with resistance at $0.2450 on the hourly chart of the XRP/USD.
The trend line resistance near $0.2450 is also around the 100 hourly SMA. Therefore, any major recovery should be limited by the $0.2450 level in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has now moved from the bullish to bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level and heading down.
Major Support Level – $0.2300
Major Resistance Level – $0.2450
Charts courtesy – Trading View, Kraken