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- Ripple is down more than 2% and it broke the $0.1880 support against the US dollar.
- XRP price is now trading near the $0.1840 support area and it could correct higher.
- There is a key bearish trend line forming with resistance near $0.1920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum is also down 2% and it might continue to decline towards the $120 support.
Ripple price is gaining bearish momentum below $0.1920 against the US Dollar, similar to bitcoin. XRP might slide further if it breaks the $0.1840 support.
Ripple Price Analysis
Yesterday, we discussed the chances of a larger breakout in ripple if it breaks $0.2000 against the US Dollar. However, XRP price failed to gain strength above $0.1950 and $0.2000.
As a result, there was a fresh decline and the price broke the key $0.1920 and $0.1900 support levels. Moreover, there was a close below $0.1900 and the 100 hourly simple moving average.
Finally, the price traded below $0.1880 and tested the $0.1840 support area. A low is formed near $0.1840 and ripple is currently consolidating losses. An initial resistance is seen near the $0.1860 level.
Besides, the 23.6% Fib retracement level of the recent slide from the $0.1928 high to $0.1840 low is also near the $0.1860 level. The first key resistance on the upside is near the $0.1880 level.
Additionally, the 50% Fib retracement level of the recent slide from the $0.1928 high to $0.1840 low is near the $0.1880 level. More importantly, there is a key bearish trend line forming with resistance near $0.1920 on the hourly chart of the XRP/USD pair.
Therefore, ripple price is clearly facing a lot of hurdles on the upside near the $0.1880 and $0.1900 levels. If there is an upside correction, the bears are likely to protect gains above $0.1900 in the near term.
On the downside, an immediate support is near the $0.1840 level. If there is a downside break below $0.1840, the price is likely to accelerate lower towards the $0.1800 and $0.1780 levels.
Looking at the chart, ripple price is now trading in a downtrend below $0.1900 and $0.1920. There are chances of more losses below $0.1840 and $0.1800 unless there is a strong recovery wave above $0.1920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.
Major Support Levels – $0.1840, $0.1800 and $0.1780.
Major Resistance Levels – $0.1880, $0.1900 and $0.1920.
