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Key Highlights
- Ripple price failed to hold gains above $0.5180 and declined sharply against the US dollar.
- There was a break below yesterday’s pointed bullish trend line with support at $0.5185 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now trading well below the $0.5000 level and the 100 hourly simple moving average.
Ripple price is showing a few negative signs against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face sellers near $0.50 and 100 SMA.
Ripple Price Support
Yesterday, we saw a rise above the $0.5200 level in Ripple price against the US Dollar. However, the price failed to surpass the $0.5500 level and started a downside move. It traded lower and broke a major support at $0.5200. There was also a break below the 50% Fib retracement level of the last upside wave from the $0.4815 low to $0.5530 high.
More importantly, there was a break below yesterday’s pointed bullish trend line with support at $0.5185 on the hourly chart of the XRP/USD pair. The pair even settled below the $0.5000 support and the 100 hourly simple moving average. The recent low was formed at $0.4749 from where the price may recover. It is currently testing the 23.6% Fib retracement level of the last decline from the $0.5530 high to $0.4749 low. However, the most important resistance is near $0.5000 and the 100 hourly SMA. It also coincides with the 38.2% Fib retracement level of the last drop from the $0.5530 high to $0.4749 low.
On the downside, the $0.4700 and $0.4500 levels are important supports. A break below the $0.4500 level could spark heavy losses in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 35 level.
Major Support Level – $0.4700
Major Resistance Level – $0.5000
Charts courtesy – Trading View
