- Ripple price declined sharply and made a downside move from the $0.2800 high against the US Dollar.
- There is a major bearish trend line forming with resistance near $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently recovering from the $0.2300 swing low but facing many resistances.
Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently approaching $0.2550-0.2600 where it may face sellers.
Ripple Price Resistance
We saw a good upside move in Ripple price yesterday towards the $0.2800 level against the US Dollar. The traded as high as $0.2798 and later started a downside move. It broke the $0.2700 support and also moved below the 50% Fib retracement level of the last wave from the $0.2318 low to $0.2798 high. During the downside, it broke yesterday’s highlighted bullish trend line with support at $0.2600 on the hourly chart.
The pair even broke the $0.2400 support and traded as low as $0.2308. Later, it started correcting higher and moved above the 23.6% Fib retracement level of the last drop from the $0.2798 high to $00.2308 low. At the moment, the pair is facing a major resistance near $0.2500 and the 100 hourly simple moving average. The stated resistance is also the 38.2% Fib retracement level of the last drop from the $0.2798 high to $00.2308 low.
Moreover, there is a major bearish trend line forming with resistance near $0.2550 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the pair to move above $0.2550-0.2600. However, it remains in an uptrend as long as above $0.2250.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bullish zone, which is a positive sign.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well below the 50 level.
Major Support Level – $0.2400
Major Resistance Level – $0.2550
Charts courtesy – Trading View, Kraken