- Ripple price remained below the $0.2900 and $0.2950 resistance levels against the US dollar.
- There are two bearish trend lines in place with resistance near $0.2900 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses as long as it is trading below the$0.2900 and $0.2950 resistance levels.
Ripple price is facing a lot of hurdles on the upside against the US Dollar and Bitcoin. XRP/USD is likely to extend the current decline below $0.2800 unless buyers push it above $0.2950.
Ripple Price Analysis
Yesterday, there was a minor upside correction from the $0.2776 low in ripple price against the US Dollar. The XRP/USD pair traded above the $0.2800 and $0.2850 levels. It also moved above the 38.2% Fib retracement level of the last decline from the $0.3070 high to $0.2776 low. However, the price failed to gain strength above the $0.2950 resistance and remained below the 100 hourly simple moving average. Later, there was a fresh decline and the price traded below $0.2900.
Sellers pushed the price below the 61.8% Fib retracement level of the recent wave from the $0.2776 low to $0.2946 high. The current price is slightly bearish, with many hurdles on the upside near $0.2900 and $0.2950. There are also two bearish trend lines in place with resistance near $0.2900 on the hourly chart of the XRP/USD pair. A clear break and close above these trend lines is needed for a recovery above $0.3000. If not, there is a risk of a downside break below the $0.2820 support level. It may even break the 76.4% Fib retracement level of the recent wave from the $0.2776 low to $0.2946 high.
Looking at the chart, ripple price is likely to break the $0.2800 support or even $0.2776 swing low. To start a rebound, the price must surpass the $0.2900 and $0.2950 resistance levels.
Hourly MACD – The MACD for XRP/USD is back in the bearish zone, with negative signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed above the 40 level, with a positive angle.
Major Support Level – $0.2800
Major Resistance Level – $0.2950
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* First published on newsbtc.com