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Key Highlights
- Ripple price started a downside move from the $0.3550 swing high against the US dollar.
- There was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair tested the $0.3120 support and it is currently at a risk of more losses below $0.3100.
Ripple price declined below key supports against the US Dollar and Bitcoin. XRP/USD could correct higher, but it will most likely face sellers near $0.3350.
Ripple Price Resistance
After trading a few points above the $0.3500, Ripple price faced sellers against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3533 and later it started a downside move. The price declined and broke the $0.3400 and $0.3300 support levels. There was also a close below the $0.3350 level and the 100 hourly simple moving average.
During the decline, there was a break below a crucial bullish trend line with support at $0.3375 on the hourly chart of the XRP/USD pair. A fresh intraday low was formed at $0.3120 before the price found support. It is currently correcting higher and is trading near the $0.3200 level. An initial resistance is the 23.6% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low. However, the most important resistance is near $0.3350 and the 100 hourly SMA. Moreover, the 50% Fib retracement level of the last major decline from the $0.3533 high to $0.3120 low is also near $0.3325 to act as a resistance.
Looking at the chart, ripple could correct higher towards $0.3300 and $0.3350, but it is likely to face sellers. On the downside, a break below $0.3120 might take the price towards $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $0.3000
Major Resistance Level – $0.3350
