Key Highlights
- Ripple price failed to stay above the $0.4600 support and declined recently against the US dollar.
- There was a break below an ascending triangle pattern with support at $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently under pressure and it seems like it could test the $0.4400 or $0.4350 support levels.
Ripple price moved lower from range highs against the US Dollar and Bitcoin. XRP/USD may continue to move down towards the $0.4350 support in the near term.
Ripple Price Analysis
There were 2-3 attempts to surpass the $0.4700 and $0.4750 resistances by Ripple price against the US Dollar. The XRP/USD pair failed to gain momentum above $0.4700 and started a downside move. The price declined and broke the $0.4600 support level. There was even a break below the 50% Fib retracement level of the upward move from the $0.4235 low to $0.4750 swing high.
More importantly, there was a break below an ascending triangle pattern with support at $0.4630 on the hourly chart of the XRP/USD pair. The price spiked towards the $0.4400 support and tested the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the upward move from the $0.4235 low to $0.4750 swing high acted as a support. The price is currently trading above the $0.4450 level and the 100 hourly SMA. However, the price remains at a risk of more losses and it could test the $0.4400 support in the near term. Below $0.4400, the next key support is at $0.4350.
Looking at the chart, ripple price moved into a short term bearish zone below $0.4600. However, dips remain supported and the price could bounce back above $0.4650 once the current correction is complete.
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 below the 50 level.
Major Support Level – $0.4400
Major Resistance Level – $0.4650
