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- Ripple price declined recently below the $0.3840 and $0.3750 support levels against the US dollar.
- The price tested the $0.3610 support area and it is currently correcting higher towards $0.3840.
- There is a key bearish trend line forming with resistance near the $0.3840 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could resume its decline if it continues to struggle near $0.3840 and $0.3875.
Ripple price is currently under pressure against the US Dollar and bitcoin. XRP remains at a risk of more losses below the $0.3610 support unless it settles above $0.3880.
Ripple Price Analysis
After a couple of rejections near the $0.4080 barrier, ripple price started a major decline against the US Dollar. The XRP/USD pair declined below the $0.4000 and $0.3840 support levels. It even settled below $0.3840 and the 100 hourly simple moving average. Finally, there was a break below the $0.3750 support and the price tested the key $0.3610 support area. A new weekly low was formed near $0.3612 and the price is currently correcting higher.
It climbed above the $0.3750 resistance and the 23.6% Fib retracement level of the recent drop from the $0.4138 high to $0.3612 low. However, the price is facing a strong resistance near the $0.3840 and $0.3850 levels. Besides, there is a key bearish trend line forming with resistance near the $0.3840 level on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the recent drop from the $0.4138 high to $0.3612 low is near $0.3875. Finally, the 100 hourly simple moving average is close to the $0.3900 level to act as a strong resistance.
Therefore, a successful close above the trend line and $0.3880 is must for more gains in the near term. If the bulls gain momentum above $0.3880, the price is likely to test the $0.4000 resistance. The next major resistance is near the $0.4080 level. On the other hand, if the price fails to climb above $0.3880, it could resume its decline.
Looking at the chart, ripple price seems to be facing a strong resistance near the $0.3840 and $0.3850. Unless it gains pace above $0.3850, there is a risk of a downside break. An immediate support is at $0.3750, followed by the main $0.3610 support. Any further losses are likely to lead the price towards the $0.3500 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and recently moved below 50.
Major Support Levels – $0.3750, $0.3610 and $0.3500.
Major Resistance Levels – $0.3850, $0.3880 and $0.4000.
