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- Ripple price failed to hold gains above $0.3020 and declined recently against the US dollar.
- The price traded to a new weekly low below the $0.2950 and $0.2920 support levels.
- There is a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to decline further as long as it is below $0.3000 and $0.3020.
Ripple price is struggling to gain bullish momentum against the US Dollar and bitcoin. XRP remains at a risk of more downsides unless the bulls push the price above $0.3000 and $0.3020.
Ripple Price Analysis
Yesterday, ripple price started a decent upward move above $0.2980 and $0.3000 levels against the US Dollar. The XRP/USD pair even traded above the $0.3020 level and the 100 hourly simple moving average. However, the price faced a strong resistance the $0.3040 and $0.3050 levels. The bulls failed to remain in action, resulting in a downside move below the $0.3020 support. The price declined below the $0.3000 support and the 100 hourly simple moving average.
The decline was such that the price broke the previous swing low and traded to a new weekly low at $0.2913. At the moment, the price is correcting higher towards $0.2980. It is trading above the 23.6% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low. On the upside, there are many hurdles near the $0.2980 and $0.3000 levels. There is also a major bearish trend line formed with resistance near $0.3000 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3062 high to $0.2913 low.
Therefore, a clear break above the $0.2980 and $0.3000 resistances is must for a fresh increase. Once there is a successful close above $0.3000, the price may climb higher towards the $0.3040 and $0.3050 resistance levels. On the other hand, if the price fails near $0.2980 or $0.3000, it could decline again. An initial support is near the $0.2920 level, below which the price may even break $0.2900.
Looking at the chart, ripple price seems to be following a declining pattern below $0.3000. Therefore, the bulls must gain momentum above $0.3000 and $0.3020 to overcome further losses. On the downside, the main support is near the $0.2900 level. If there is a downside break below $0.2900, the price is likely to test $0.2850.
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 is now well below the 50 level.
Major Support Levels – $0.2920, $0.2900 and $0.2850.
Major Resistance Levels – $0.2980, $0.3000 and $0.3020.
