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Key Highlights
- Ripple price was not able to stay above the $0.3500 support zone and declined against the US dollar.
- There is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently at risk of a downside break below the $0.3100 support level in the near term.
Ripple price is under pressure below key supports against the US Dollar and Bitcoin. XRP/USD could decline sharply if there is a break below the $0.3100 support.
Ripple Price Support
Yesterday, we saw a decent upside move above the $0.3400 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.3550 level where sellers appeared. The price topped at $0.3541 and later started a downside move. It trimmed most of its yesterday’s gains and broke the $0.3400 support. There was also a close below the $0.3300 level and the 100 hourly simple moving average.
A new low was formed at $0.3092 before the price found support. It is currently recovering above the $0.3100 level. It tested the 38.2% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low. On the upside, there is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair. Above the trend line resistance, the $0.3320 barrier is close to the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last decline from the $0.3541 high to $0.3092 low is also near $0.3320.
Looking at the chart, ripple price may continue to face sellers near the $0.3300 and $0.3320 levels. If there is a downside break, the price could break the $0.3100 level for more losses.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $0.3100
Major Resistance Level – $0.3350
