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- Ripple price recovered recently, but it failed to break the $0.3120 resistance against the US dollar.
- The price is slowly declining and it is currently trading well below the $0.3100 level.
- There is a crucial bearish trend line formed with resistance at $0.3065 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to slide and it could revisit the $0.3020 support level in the near term.
Ripple price is currently under pressure against the US Dollar and bitcoin. XRP/USD is facing a strong resistance near $0.3070 and it may extend its decline towards $0.3020.
Ripple Price Analysis
After testing the $0.3000 support, ripple price started a short term rebound against the US Dollar. The XRP/USD pair traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113 and later the price started a downside move.
It traded below the $0.3080 and $0.3060 support levels. A low was formed at $0.3031 and the price is currently correcting higher. It is trading above the 23.6% Fib retracement level of the last decline from the $0.3113 high to $0.3031 low. However, the previous support near the $0.3060 level is acting as a resistance. There is also a crucial bearish trend line formed with resistance at $0.3065 on the hourly chart of the XRP/USD pair.
Above the trend line, the next resistance is near the $0.3080 level. It coincides with the 61.8% Fib retracement level of the last decline from the $0.3113 high to $0.3031 low. However, the main resistance is near the $0.3100 level and the 100 hourly SMA. Therefore, even if the price breaks the $0.3065 resistance, it is likely to struggle near $0.3080 or $0.3100. On the downside, an immediate support is near the $0.3030 level, below which the price may revisit the $0.3020 support level.
Looking at the chart, ripple price is clearly trading near important resistances near $0.3060 and $0.3070. There may be a short term upside break, but the price remains in a bearish zone as long as it is below $0.3100. On the downside, if there is a break below the $0.3020 support, there could be heavy losses towards $0.3000 or $0.2920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 40 level.
Major Support Levels – $0.3030, $0.3020 and $0.3000.
Major Resistance Levels – $0.3065, $0.3080 and $0.3100.
