Key Highlights
- Ripple price declined further and traded below the $1.1250 support area against the US dollar.
- There is a crucial bearish trend line forming with resistance at $1.0800 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair is in a bearish trend and it will most likely continue to face sellers on the upside at $1.1000.
Ripple price extended its decline against the US Dollar and Bitcoin. XRP/USD is correcting higher, but it is facing hurdles near $1.0800 and $1.1000.
Ripple Price Trend
There were further declines in Ripple price from $1.2000 against the US Dollar. The price traded below the $1.1250 as mentioned in yesterday’s post. There was a sharp increase in selling pressure and the price moved below the $1.0000 support as well. A low was formed at $0.9620 from where an upside correction was initiated. It move above the 23.6% Fib retracement level of the last decline from the $1.1565 high to $0.9620 low.
However, it is currently facing a lot of hurdles near the $1.0800 level. The 50% Fib retracement level of the last decline from the $1.1565 high to $0.9620 low is acting as a resistance. Moreover, there is also a crucial bearish trend line forming with resistance at $1.0800 on the hourly chart of the XRP/USD pair. There is also a horizontal resistance at $1.0850. Therefore, there are many resistances on the upside near $1.0800 and $1.1000.
As long as the pair is below the mentioned $1.1000 resistance, it is likely to decline further. On the downside, the most important support is at $1.0000. Should there be a decline below $1.0000, the price may accelerate losses towards the $0.8500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is strongly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher towards the 30 level.
Major Support Level – $1.0000
Major Resistance Level – $1.1000
Charts courtesy – SimpleFX
