Key Highlights
- Ripple price is currently under a lot of pressure and is currently trading below $1.70 against the US Dollar.
- There is a short-term bearish trend line forming with resistance at $1.7050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher, but it faces a lot of barriers on the upside such as $1.70 and $1.80.
Ripple price is in a downtrend against the US Dollar and Bitcoin. XRP/USD is likely to remain in the bearish zone as long as it is below $1.90.
Ripple Price Trend
There was a lot of pressure on Ripple price as it failed to remain above the $2.00-2.10 support against the US Dollar. The price declined and it recently moved below the $1.80 support area. The decline was severe as the $1.70 support also failed to prevent declines. XRP kept declining and even traded as few points below the $1.50 level. It traded as low as 1.4839 and is currently correcting higher.
It has moved above the 23.6% Fib retracement level of the last decline from the $2.0796 high to $1.4839 low. The current upside wave is corrective and it faces a lot of hurdles below $2.00. There is also a short-term bearish trend line forming with resistance at $1.7050 on the hourly chart of the XRP/USD pair. The trend line resistance is near the 38.2% Fib retracement level of the last decline from the $2.0796 high to $1.4839 low. Therefore, it won’t be easy for buyers to break the $1.7000.1.7050 levels.
Above the mentioned $1.7050, the 100 hourly simple moving average is at $1.90. The stated $1.90 level coincides with the 61.8% Fib retracement level of the last decline from the $2.0796 high to $1.4839 low.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently around the oversold levels.
Major Support Level – $1.50
Major Resistance Level – $1.90
Charts courtesy – Trading View, Kraken