Key Highlights
- Ripple price declined further recently and broke the $0.2650 support against the US dollar.
- Yesterday’s highlighted major bearish trend line is active with resistance at $0.2800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct a few points, but it is likely to face sellers near the $0.2800 and $0.2820 levels.
Ripple price remains in a bearish zone against the US Dollar and Bitcoin. XRP/USD is likely to extend declines below $0.2600 if sellers remain in action.
Ripple Price Decline
Yesterday, we discussed that Ripple price could break the $0.2650 support area against the US Dollar. The XRP/USD pair did move lower and broke the $0.2700 and $0.2650 support levels. A new weekly low was formed at $0.2599 and later the price corrected higher. It moved above the 23.6% fib retracement level of the recent decline from the $0.2899 high to $0.2599 low.
However, the upside move remains capped near the $0.2750 level. It is the 50% fib retracement level of the recent decline from the $0.2899 high to $0.2599 low. More importantly, yesterday’s highlighted major bearish trend line is active with resistance at $0.2800 on the hourly chart of the XRP/USD pair. The trend line resistance is also near the 100 hourly simple moving average at $0.2820. Therefore, if the price corrects above $0.2750, it is likely to face sellers near the $0.2800 and $0.2820 levels. On the downside, a break below the $0.2600 zone could open the doors for a push towards the $0.2500 support.
Looking at the chart, ripple price remains in a negative zone below $0.2820. Sellers are likely to remain in action as long as there is no close above $0.2850 and the 100 hourly SMA.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major Support Level – $0.2600
Major Resistance Level – $0.2800
