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- Ripple price is now trading well below the $0.2000 and $0.1950 supports against the US dollar.
- XRP is facing hurdles, while bitcoin and Ethereum are declining steadily.
- There is a connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could continue to decline unless it rallies above $0.1950 and $0.2000.
Ripple price is trading in a bearish zone against the US Dollar, while BTC and ETH are moving lower. XRP price is likely to slide towards the $0.1800 level in the near term.
Ripple Price Analysis
After a failed attempt to surpass the $0.2000 resistance, ripple price started a fresh decrease against the US Dollar. Moreover, bitcoin and Ethereum faced an increase in selling in the last two days, putting further pressure on XRP.
The price settled below the $0.1900 support area and the 100 hourly simple moving average. It opened the doors for more losses and the price traded towards the $0.1850 level.
A low is formed near $0.1861 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $0.1934 high to $0.1861 low.
However, the price is struggling to climb above the $0.1880 and $0.1890 resistance levels. Besides, the 50% Fib retracement level of the recent decline from the $0.1934 high to $0.1861 low is also acting as a strong resistance,
More importantly, there is a connecting bearish trend line forming with resistance near $0.1890 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.1900 level and the 100 hourly SMA.
If there is a successful close above the 100 hourly SMA, ripple price might make another attempt to break the $0.2000 resistance area. If it succeeds, there could be strong gains above $0.2020 in the near term.
If not, the price may perhaps continue to move down below $0.1860 and $0.1850. Additionally, the next major support is near the $0.1800 level, below which there is an open space up to $0.1720.
Looking at the chart, ripple price is showing bearish signs below $0.1900 and it remains at a risk of more losses, especially if both bitcoin and Ethereum continues to move down in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now just above 50, with a few bullish signs.
Major Support Levels – $0.1860, $0.1850 and $0.1800.
Major Resistance Levels – $0.1890, $0.1900 and $0.1920.
