- Ripple price failed to gain momentum above the $0.3150 resistance and declined against the US dollar.
- The price is now trading well below the $0.3140 resistance and the 100 hourly simple moving average.
- There is a crucial contracting triangle in place with resistance near the $0.3095 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could dip sharply towards the $0.3020 support before it attempts a solid recovery.
Ripple price trading with a bearish angle against the US Dollar and bitcoin. XRP/USD remains at a risk of more losses before it could bounce back above $0.3120 and $0.3140.
Ripple Price Analysis
This past week, we saw a decent recovery from the $0.2980 swing low in ripple price against the US Dollar. The XRP/USD pair broke the $0.3100 and $0.3150 resistance levels to climb above $0.3200. It traded as high as $0.3232 and later started a downside move. There was a bearish push below the $0.3150 support and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. It opened the doors for more losses and the price declined below $0.3100.
At the outset, the price is testing an important support near the $0.3070 level. If there is a downside break below $0.3070, the price could decline towards $0.3040. It represents the 76.4% Fib retracement level of the last wave from the $0.2981 low to $0.3232 high. More importantly, there is a crucial contracting triangle in place with resistance near the $0.3095 level on the hourly chart of the XRP/USD pair. The pair could dip sharply below the triangle support and test $0.3040 in the near term.
On the upside, if there is a break above the triangle, the price may test the $0.3130 resistance and 100 hourly simple moving average. Having said that, a proper break and close above $0.3150 is must for buyers to gain traction. The next key resistance is at $0.3200 and $0.3220.
Looking at the chart, ripple price is currently in a bearish zone below $0.3140. Therefore, there is a risk of a sharp drop towards the $0.3020 support before XRP attempts a solid recovery. Should buyers fail to defend the $0.3020 support, the price could break the last swing low at $0.2981. The next main support is at $0.2950 and $0.2920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level, with a bearish bias.
Major Support Levels – $0.3070, $0.3040 and $0.3020.
Major Resistance Levels – $0.3100, $0.3140 and $0.3150.
The post Ripple Price Analysis: XRP Targets Fresh Weekly Lows Before Upside appeared first on NewsBTC.
* First published on newsbtc.com
