- Ripple price extended losses and broke the $0.3300 and $0.3200 support levels against the US dollar.
- There is a key connecting bearish trend line with resistance at $0.3275 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct a few points, but it remains at a risk of more losses below $0.3100 and $0.3000.
Ripple price declined heavily and broke major supports against the US Dollar and Bitcoin. XRP/USD may even break the $0.3000 support this week if it stays below the $0.3400 level.
Ripple Price Analysis
After trading in a range for some time below $0.3350, ripple price started a fresh decline against the US Dollar. The XRP/USD pair broke the $0.3220 range support to move further into a bearish zone. The price even traded below the $0.3150 level and settled well below the 100 hourly simple moving average. A new monthly low was formed at $0.3116 and the price is currently correcting higher. It moved above the $0.3200 level, but the previous support at $0.3220 is acting as a resistance.
Above $0.3220, the 23.6% Fib retracement level of the recent drop from the $0.3823 high to $0.3116 low is at $0.3280. Moreover, there is a key connecting bearish trend line with resistance at $0.3275 on the hourly chart of the XRP/USD pair. It seems like buyers are likely to struggle near $0.3280 and the bearish trend line. If they succeed, the previous range resistance at $0.3350 may act as a solid barrier. An intermediate resistance is $0.3320 and the 100 hourly simple moving average. Above the 100 hourly SMA and the $0.3350 resistance, the price may test the $0.3460 resistance.
Looking at the chart, ripple price is trading in a strong downtrend below $0.3300 and $0.3350. Once the current correction is complete, the price may resume its decline below $0.3100 and $0.3050.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone, but upsides may be limited.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD jumped above the 40 level, but it is struggling near 50.
Major Support Level – $0.3100
Major Resistance Level – $0.3280
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* First published on newsbtc.com