- Ripple price is under pressure below the $0.3150 and $0.3200 resistance levels against the US dollar.
- The price is struggling to stay above the $0.3100 support and it could decline sharply.
- There is a major bearish trend line in place with resistance at $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could decline sharply once there is a break below the $0.3110 and $0.3100 support levels.
Ripple price seems to be moving into a bearish zone against the US Dollar and bitcoin. XRP/USD is likely to revisit the $0.3000 support before it could start a solid rebound.
Ripple Price Analysis
Recently, we saw a slow and steady downside correction in ripple price from the $0.3200 resistance against the US Dollar. The XRP/USD pair declined below the $0.3180 and $0.3150 support levels to move into a short term bearish zone. There was also a close below the $0.3150 support and the 100 hourly simple moving average. The recent decline found support near the $0.3100 level and later the price started an upside correction.
The price recovered above the $0.3120 level and the 50% Fib retracement level of the recent decline from the $0.3182 high to $0.3103 low. There was a push above the $0.3135 level, but the price faced a strong resistance near the $0.3150 level. The stated $0.3150 level was a support earlier and now it is acting as a resistance. Besides, the price failed to clear the 61.8% Fib retracement level of the recent decline from the $0.3182 high to $0.3103 low.
More importantly, there is a major bearish trend line in place with resistance at $0.3140 on the hourly chart of the XRP/USD pair. The trend line is close to the $0.3150 resistance and the 100 hourly SMA. Therefore, it won’t be easy for buyers to clear the $0.3140 and $0.3150 resistance levels. If they succeed, the price may grind higher towards the $0.3200 resistance area. On the other hand, a continuous failure to clear the $0.3150 resistance could result in a sharp decline.
Looking at the chart, ripple price seems to be positioning for a fresh drop below the $0.3100 support level. Once there is a clear break below $0.3100, the price is likely to drop towards the $0.3065 support, followed by $0.3040. However, in the mentioned case, the price is likely to revisit the key $0.3000 support area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD dipped below the 50 level and it is currently near 40.
Major Support Levels – $0.3100, $0.3065 and $0.3040.
Major Resistance Levels – $0.3140, $0.3150 and $0.3200.
The post Ripple Price Analysis: XRP Could Decline To $0.3000 As Sellers Take Control appeared first on NewsBTC.
* First published on newsbtc.com
