- Ripple price failed to move higher and traded below the $0.1750 support against the US Dollar.
- There are two key bearish trend lines forming with resistance near $0.1800 and $0.1880 on the hourly chart of XRP/USD (data source from Kraken).
- The price might correct a few points higher, but upsides remain capped by $0.1900.
Ripple price moved down further against the US Dollar and Bitcoin. XRP/USD is likely to decline below $0.1700 and remains at risk.
Ripple Price Resistance
There was a bear leg initiated from the $0.1969 high in Ripple price against the US Dollar. The price declined slowly and steadily, moving below the $0.1900 support area. Yesterday, I mentioned that the price could test the $0.1700 level. The price did trade below the $0.1750 level and almost tested the $0.1700 level. There was a break of the 50% Fib retracement level of the last up move from the $0.1500 low to $0.1970 high.
XRP is now well below the 100 hourly simple moving average and $0.1900, which is a bearish sign. The next support on the downside is near the 61.8% Fib retracement level of the last up move from the $0.1500 low to $0.1970 high. On the upside, there are two key bearish trend lines forming with resistance near $0.1800 and $0.1880 on the hourly chart of XRP/USD. Moreover, the 100 hourly simple moving average is also positioned above the first trend line at $0.1850.
Therefore, the price faces many hurdles on the upside below $0.1900. A recovery won’t be easy and any rallies from the current levels towards $0.1900 remain capped. On the downside, the $0.1650 might be tested in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has reached the oversold levels.
Major Support Level – $0.1700
Major Resistance Level – $0.1850
Charts courtesy – Trading View, Kraken