Key Highlights
- Ripple price declined recently and traded towards the $0.2910 level against the US dollar.
- This week’s followed major bearish trend line is in place with resistance at $0.2975 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break the $0.3000 resistance and the 100 hourly simple moving average to gain traction.
Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD might trade higher once there is a break above $0.3000 and the 100 hourly SMA.
Ripple Price Analysis
There was a slow and steady decline from the $0.3178 high in ripple price against the US Dollar. The XRP/USD pair declined and traded below the $0.3040 and $0.3000 support levels. A new intraday low was formed at $0.2912 and later the price corrected a few points. It moved above the $0.3000 level and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.3178 high to $0.2912 low.
However, buyers failed to clear the $0.3060 resistance. There was also no proper close above the $0.3000 level and the 100 hourly SMA. The price was rejected near the 50% Fib retracement level of the recent decline from the $0.3178 high to $0.2912 low. Moe importantly, this week’s followed major bearish trend line is in place with resistance at $0.2975 on the hourly chart of the XRP/USD pair. The pair is currently consolidating below $0.3000 and the trend line. A successful close above $0.3000, trend line, and the 100 hourly SMA is needed for a fresh upward move.
Looking at the chart, ripple price could slide below $0.2912 and $0.2900 if buyers fail to push XRP above the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level.
Major Support Level – $0.2900
Major Resistance Level – $0.3040
