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Key Highlights
- Ripple price traded above the $0.3500 level and later faced resistance near $0.3530 against the US dollar.
- There was a break below a key bullish trend line with support at $0.3380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently under pressure and it could revisit the $0.3200 support area in the near term.
Ripple price is correcting the recent gains against the US Dollar and Bitcoin. XRP/USD may continue to move down towards the $0.3200 support area.
Ripple Price Support
There was a decent upward move above the $0.3400 level this past week in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.3500 level before sellers appeared near the $0.3530 level. The price started a downside correction and moved below the $0.3500 support. It also cleared the 50% Fib retracement level of the last wave from the $0.3227 low to $0.3530 high.
Furthermore, there was a close below the $0.3400 level and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support at $0.3380 on the hourly chart of the XRP/USD pair. The pair is now trading below the $0.3380 level and it seems like it could continue to move down. The next major support on the downside is near the $0.3200 level where buyers are likely to appear. An intermediate support is $0.3300 and the 76.4% Fib retracement level of the last wave from the $0.3227 low to $0.3530 high.
Looking at the chart, ripple price is correcting gains below the $0.3400 level. It could correct more in the short term, but dips near $0.3300 and $0.3200 are likely to find buyers on the downside.
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 currently well below the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3500
