- Ripple price struggled to clear the $0.3320 resistance and declined steadily against the US dollar.
- The price declined below the $0.3200 support area and revisited the $0.3175 support area.
- There are two bearish trend lines in place with resistance at $0.3260 and $0.3280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a huge risk of more losses if there is a break below the $0.3175 and $0.3160 supports.
Ripple price failed to gain strength against the US Dollar despite positive moves in bitcoin. XRP declined below $0.3225 and $0.3200, and it is currently trading with a strong bearish bias.
Ripple Price Analysis
Yesterday, we saw a decent upward move in ripple price above $0.3250 against the US Dollar. The XRP/USD pair climbed above the $0.3280 and $0.3300 resistance levels. BTC’s rise above the $5,500 level helped XRP in moving past $0.3300, but it struggled to gain strength above the $0.3320 resistance level. As a result, there was a fresh declined below the $0.3280 support and the 100 hourly simple moving average. The price even traded below the $0.3200 support level and tested the key $0.3175 support.
It is currently consolidating above $0.3175, with a strong bearish bias. On the upside, an initial resistance is near the $0.3228 level. It represents the 50% Fib retracement level of the recent slide from the $0.3282 high to $0.3174 low. There are also two bearish trend lines in place with resistance at $0.3260 and $0.3280 on the hourly chart of the XRP/USD pair. The first trend line also coincides with the 100 hourly SMA and the 76.4% Fib retracement level of the recent slide from the $0.3282 high to $0.3174 low.
Therefore, it won’t be easy for the bulls to gain traction above the $0.3260 and $0.3280 resistance levels. If there is a downside break below the $0.3175 support, there could be sharp losses. An initial support is at $0.3160, below which the price could decline heavily towards the $0.3100 or $0.3060 level.
Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.3250, $0.3260 and $0.3280 levels. Until there is a close above $0.3300, there remains a risk of a sharp drop in the near term. An immediate hope for the bulls is at $0.3160, below which there is mostly an open space up to $0.3060.
Hourly MACD – The MACD for XRP/USD is gaining strength in the bearish zone, with a negative bias.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level and testing 30.
Major Support Levels – $0.3175, $0.3160 and $0.3100.
Major Resistance Levels – $0.3260, $0.3280 and $0.3300.
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* First published on newsbtc.com