BUY BITCOIN
Key Highlights
- Ripple price declined below the $0.2060 support area against the US Dollar, and currently remains at a risk.
- There is a short-term connecting bearish trend line forming with current resistance at $0.2030 on the hourly chart of XRP/USD (data source from Kraken).
- The price might correct a few points, but upsides remain capped by the $0.2100-0.22000 levels.
Ripple price struggle to recover continues against the US Dollar and Bitcoin. XRP/USD might correct a few points, but faces resistance near $0.2100.
Ripple Price Resistance
There was no respite for Ripple price as it declined further below $0.2060 against the US Dollar. The price came under a lot of pressure and even broke the $0.2000 handle to set the bearish tone. A new weekly low was formed near $0.1911 from where a correction was initiated. The price has already corrected above the 23.6% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low.
On the upside, there is a short-term connecting bearish trend line forming with current resistance at $0.2030 on the hourly chart of XRP/USD. The trend line resistance is also near the 38.2% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low. Therefore, a break above it won’t be easy, but if there is a break, the price can test $0.2060-0.2080.
The mentioned $0.2060-0.2080 area is significant since it was a support earlier and now a resistance. It is also near the 50% Fib retracement level of the last decline from the $0.2250 high to $0.1911 low. Overall, selling towards $0.2080 can be considered in the short term with a stop above the $0.2100 level or the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently slightly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major Support Level – $0.1910
Major Resistance Level – $0.2080
Charts courtesy – Trading View, Kraken
