BUY BITCOIN
- Ripple price declined recently and broke the $0.3100 and $0.3070 supports against the US dollar.
- There is a major bearish trend line in place with resistance at $0.3030 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses below the $0.3000 support area in the near term.
Ripple price tumbled and broke key supports against the US Dollar and Bitcoin. XRP/USD could accelerate losses towards the $0.2920 support in the coming sessions.
Ripple Price Analysis
This past week, there were mostly range moves, with a bearish formation below $0.3200 in ripple price against the US Dollar. The XRP/USD pair recently faced an increased selling pressure, resulting in more losses below $0.3100. The pair broke the $0.3070 support and the 100 hourly simple moving average. Sellers gained paced and pushed the price below the $0.3050 and $0.3020 supports as well. A new low was formed near $0.3000 and the price remains at a risk of more losses.
At the moment, the price is gaining bearish momentum below $0.3020. An initial resistance is at the 23.6% Fib retracement level of the recent slide from the $0.3075 high to $0.2997 low. Moreover, there is a major bearish trend line in place with resistance at $0.3030 on the hourly chart of the XRP/USD pair. It seems like the trend line and $0.3032 level may act as a solid barrier. Above these, the 50% Fib retracement level of the recent slide from the $0.3075 high to $0.2997 low is near $0.3036. Therefore, it seems like the $0.3030-0.3040 area might act as a solid barrier for buyers in the coming sessions.
Looking at the chart, ripple price is clearly under pressure below $0.3040. Therefore, there are high chances of more declines below $0.3000. The next major support is near the $0.2920 level, where buyers are likely to appear.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining bearish momentum, with a lot of negative signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently in the oversold area, with a bearish angle.
Major Support Level – $0.3000
Major Resistance Level – $0.3040
