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- Ripple price failed to break the $0.2620 resistance and declined recently against the US dollar.
- The price is currently trading near the $0.2450 support and is struggling to bounce back.
- There is a short term bearish trend line forming with resistance near $0.2510 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to extend its decline and it could revisit the $0.2350 support area in the near term.
Ripple price is trimming yesterday’s gains against the US Dollar and bitcoin. XRP price is likely to test the $0.2350 support before it could climb again.
Ripple Price Analysis
Yesterday, ripple price gained more than 10% and climbed above the $0.2500 resistance against the US Dollar. The XRP/USD pair even broke the $0.2550 resistance and the 100 hourly simple moving average. Finally, there was a break above the $0.2600 level. However, the price struggled to clear the $0.2620 resistance. A high was formed near $0.2618 and the price started a fresh decline.
It broke the $0.2550 support level. Moreover, there was a break below the 50% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high. At the moment, the price is testing the key $0.2450 support area and the 100 hourly SMA. Furthermore, the 61.8% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high is providing support.
Having said that, it seems like the price might continue to decline below the $0.2450 support. The main support on the downside is near the $0.2350 level. An intermediate support is near the $0.2420 level, plus the 76.4% Fib retracement level of the last upward move from the $0.2352 low to $0.2618 high. On the upside, an immediate resistance is near the $0.2500 level.
More importantly, there is a short term bearish trend line forming with resistance near $0.2510 on the hourly chart of the XRP/USD pair. A break above the trend line resistance could push the price towards the $0.2600 and $0.2620 resistance levels. The main resistance is near the $0.2650 level, above which the price might climb towards $0.2850.
Looking at the chart, ripple price is clearly trimming gains and is struggling to hold the $0.2450 support. Therefore, there are chances of more downsides towards the $0.2350 support area. If the bulls fail to defend the $0.2350 support, there could be a sharp dip to $0.2150.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is sliding and is well below the 50 level.
Major Support Levels – $0.2450, $0.2410 and $0.2350.
Major Resistance Levels – $0.2510, $0.2600 and $0.2620.
