- Ripple price failed to hold an important support at $0.2350 against the US Dollar and declined.
- There was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might correct higher in the short term, but likely to face sellers near $0.2500.
Ripple price broke down against the US Dollar and Bitcoin. XRP/USD is now below $0.2500 and facing many upside hurdles.
Ripple Price Resistance
Yesterday, we saw a major support in Ripple price above $0.2500 against the US Dollar. The price was correcting lower from the $0.2950 swing high towards $0.2550-0.2500. It failed to hold the stated $0.2500 support and declined sharply. The worst part was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair. The pair even broke the $0.2350 support and declined towards the $0.2170 level.
A low was formed near $0.2170 from where the price started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low. However, the most important resistance is near the $0.2500 level. It was a support earlier and now sellers may prevent a break above $0.2550. There is also a bearish trend line forming with resistance at $0.2440.
Moreover, the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low is at $0.2470. Overall, it seems like there is a major resistance forming near $0.2500 for XRP. In the short term, selling close to the $0.2500 level can be considered with a tight stop.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the oversold levels.
Major Support Level – $0.2200
Major Resistance Level – $0.2500
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.