Key Highlights
- Ripple price fell heavily and broke the $0.3200 and $0.3000 support levels against the US dollar.
- There is a major bearish trend line in place with resistance at $0.3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains in a major downtrend and recoveries remain capped near $0.3100 and $0.3200.
Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may recover in the short term, but upsides remain capped near $0.3200.
Ripple Price Analysis
The past few hours were very bearish as ripple price traded below the $0.3300 and $0.3200 supports against the US Dollar. The XRP/USD pair even broke the $0.3000 support and it is currently well below the 100 hourly simple moving average. The decline was such that buyers failed to hold the $0.2950 support. A new monthly low was formed at $0.2883 and the price is currently consolidating losses.
An initial resistance is near the 23.6% Fib retracement level of the recent slide from the $0.3398 high to $0.2883 low. However, the main hurdles for buyers are near the $0.3050 and $0.3150 levels. There is also a major bearish trend line in place with resistance at $0.3200 on the hourly chart of the XRP/USD pair. An intermediate resistance is near the $0.3140 level. It coincides with the 50% Fib retracement level of the recent slide from the $0.3398 high to $0.2883 low. The overall price action is negative and any recovery from the current levels may face sellers near $0.3100 or$0.3200.
Looking at the chart, ripple price is clearly struggling below the $0.3200 level and the 100 hourly SMA. If there is a downside break below $0.2880, the price could slide towards the $0.2600 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still in the oversold levels.
Major Support Level – $0.2880
Major Resistance Level – $0.3200
