Key Highlights
- Ripple price failed to break the $0.5450 and $0.5550 resistance levels against the US dollar.
- Yesterday’s highlighted key bearish trend line is intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to face a lot of hurdles near the $0.5450 and $0.5500 resistance levels.
Ripple price is struggling to retain gains against the US Dollar and Bitcoin. XRP/USD may perhaps decline below $0.5100 as long as it is below $0.5500.
Ripple Price Analysis
Yesterday, we saw a decent recovery from the $0.5020 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.5200 and $0.5300 levels. It even traded above the 23.6% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. However, the upside move was capped by the $0.5450 and $0.5500 resistance levels (the previous supports).
There was no test of the 50% Fib retracement level of the last drop from the $0.5936 high to $0.5023 low. The price is currently moving lower from the $0.5420 level. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $0.5465 on the hourly chart of the XRP/USD pair. The trend line resistance and $0.5450 are close to the 100 hourly simple moving average. Therefore, if the price corrects higher, it could face a lot of hurdles near the $0.5450 and $0.5500 resistance levels. Above $0.5500, the price is likely to visit the $0.5720 level and the 76.4% Fib retracement level of the last drop.
Looking at the chart, ripple price is clearly at risk of more losses towards the $0.5020 swing low. If sellers remain in control, there are high chances of a test of the $0.5000 support area as well.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving lower in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 45 level.
Major Support Level – $0.5020
Major Resistance Level – $0.5500
