Key Highlights
- Ripple price struggled to gain momentum above $1.15 and declined sharply against the US dollar.
- There is a crucial bearish trend line forming with current resistance at $1.02 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair is currently trading well below the $1.00 support and it remains at a risk of more declines.
Ripple price is under a lot of bearish pressure against the US Dollar and Bitcoin. XRP/USD could decline further towards $0.9000 as long as it is below $1.00.
Ripple Price Decline
There was no increase in buying sentiment for Ripple price above the $1.10 level against the US Dollar. The price failed to gain momentum and declined below the $1.05 and $1.00 support levels. It even broke the $0.98 support and is currently well below the 100 hourly simple moving average. The recent was formed near $0.9268 from where an upside correction was initiated.
XRP moved above the 23.6% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low. However, the upside move was contained by the $0.9850 level. Moreover, the 38.2% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low also acted as a resistance. To the topside, there is a crucial bearish trend line forming with current resistance at $1.02 on the hourly chart of the XRP/USD pair. Another important resistance is at $1.00 and the 50% Fib retracement level of the last decline from the $1.0811 high to $0.9268 low.
Therefore, there are many resistances on the upside near the $1.00 and $1.02 levels. On the downside, the price may find support near $0.9500, but overall it remains at a risk of more declines.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed strongly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving further lower in the oversold levels.
Major Support Level – $0.9500
Major Resistance Level – $1.0000
Charts courtesy – SimpleFX