BUY BITCOIN
Key Highlights
- Ripple price extended losses and broke the $0.2500 support zone against the US dollar.
- There are two bearish trend lines in place with resistance at $0.2650 and $0.2750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is under a lot of pressure and it remains sell on rallies near the $0.2750 level.
Ripple price is clearly in a downtrend against the US Dollar and Bitcoin. XRP/USD could correct higher, but it is facing a major resistance near $0.2750.
Ripple Price Resistance
There was no major recovery noted above the $0.2800 level in Ripple price recently against the US Dollar. The XRP/USD pair remained in a bearish zone and it extended losses below the $0.2600 and $0.2500 levels. A new weekly low was formed near the $0.2492 level before there was an upside correction. The price moved above the 23.6% fib retracement level of the last slide from the $0.2890 swing high to $0.2490 swing low.
However, the price failed to move above the $0.2650 resistance, which was a support earlier. Besides, there was no test of the 50% fib retracement level of the last slide from the $0.2890 swing high to $0.2490 swing low. More importantly, there are two bearish trend lines in place with resistance at $0.2650 and $0.2750 on the hourly chart of the XRP/USD pair. Therefore, if the price continues to move higher, it could face a strong resistance near the $0.2750 resistance and the 100 hourly simple moving average.
Looking at the chart, ripple price remains in a downtrend below $0.2750. On the downside, a break below the $0.2450 support could trigger heavy declines. The next targets for sellers could be near the $0.2400 support in the short 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 currently near the 50 level.
Major Support Level – $0.2500
Major Resistance Level – $0.2750
