Key Highlights
- Ripple price was under a lot of selling pressure as it declined below $0.4500 against the US dollar.
- There is a significant bearish trend line formed with resistance at $0.4800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must clear the $0.4800 and $0.4900 resistances to move past $0.5000 in the near term.
Ripple price declined to new monthly lows against the US Dollar and Bitcoin. XRP/USD is struggling to break $0.4800 and is currently in a bearish zone.
Ripple Price Decline
The past three days were super bearish as Ripple price declined below a major support at $0.5000 against the US Dollar. The XRP/USD pair even broke the $0.4600 and $0.4500 support levels. It traded to a new monthly low at $0.4400 and is currently trading well below the 100 hourly simple moving average. Later, there was a recovery initiated and the price moved above the $0.4500 level.
The price even broke the 23.6% Fib retracement level of the last slide from the $.5508 high to $0.4402 low. However, the upside move was protected by the $0.4800-0.4900 resistance zone. More importantly, there is a significant bearish trend line formed with resistance at $0.4800 on the hourly chart of the XRP/USD pair. At the moment, the pair seems to be struggling to clear the 38.2% Fib retracement level of the last slide from the $.5508 high to $0.4402 low. A break above the trend line and the $0.4900 resistance zone is needed for a push above the $0.5000 barrier.
Looking at the chart, the price is under a lot of pressure below $0.5000. It ripple buyers fail to push the price above $0.4800-0.4900, there could be more declines back towards $0.4500 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 levels.
Major Support Level – $0.4500
Major Resistance Level – $0.4900
