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Key Highlights
- Ripple price declined sharply and broke the $0.65 and $0.62 support levels against the US dollar.
- There was a break below a major bullish trend line with support at $0.66 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may decline further if it fails to hold the $0.55 support area in the near term.
Ripple price crashed and broke many supports against the US Dollar and Bitcoin. XRP/USD could accelerate declines if buyers fail to defend $0.55.
Ripple Price Decline
During the past few hours, there was a sharp downside move from well above $0.68 in Ripple price against the US Dollar. The price broke down and cleared many supports on the way down such as $0.6500 and $0.6200. There was also a break below the $0.6000 handle, which opened the doors for more losses. The current price action is very bearish with a negative bias below the $0.6000 handle.
During the decline, there was a break below a major bullish trend line with support at $0.66 on the hourly chart of the XRP/USD pair. The pair declined and traded close to the $0.5500 level. A low was formed near the $0.5550 level where buyers emerged and protected further declines. At the moment, the price is correcting higher and is trading near $0.5650. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.6792 high to $0.5551 low. Above this, the broken support near the $0.6000 handle may act as a resistance.
Looking at the chart, the price is clearly in a bearish zone below $0.6000. It may continue to move down if sellers remain in control below $0.5800. A break below the $0.5500 support may push the price towards $0.5000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 30 level.
Major Support Level – $0.5500
Major Resistance Level – $0.6000
