Key Highlights
- Ripple price declined further and traded towards the $0.3600 support zone against the US dollar.
- There is a monster bearish trend line in place with resistance near $0.4290 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could correct higher towards $0.4200 and $0.4290 in the short term before resuming its slide.
Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD is likely to correct to $0.4290 before sellers take back control from buyers.
Ripple Price Analysis
Yesterday, we saw a sharp downside move below the $0.4000 level in Ripple price against the US Dollar. The XRP/USD pair spiked towards $0.3900 before correcting higher. However, the correction was limited and the price declined further below $0.3900 and $0.3800. It traded close to the $0.3580 level and formed a low at $0.3589. The price is currently correcting higher, but it is still well below $0.4400 and the 100 hourly simple moving average.
It has moved above the 23.6% Fib retracement level of the last slide from the $0.4990 swing high to $0.3589 low. It seems like it is about to break a short term bearish trend line at $0.4000 on the hourly chart. In the mentioned case, the price may continue to correct higher towards the $0.4200 and $0.7290 levels. The next major hurdle is near $0.4290 and the 50% Fib retracement level of the last slide from the $0.4990 swing high to $0.3589 low. Moreover, there is a monster bearish trend line in place with resistance near $0.4290 on the same chart of the XRP/USD pair.
Looking at the chart, ripple price could correct towards the $0.4290 zone, but later it is likely to resume its slide below $0.4000 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving higher towards 50 level.
Major Support Level – $0.3800
Major Resistance Level – $0.4290
