Key Highlights
- Ripple price declined sharply and broke the $0.3200 and $0.3000 support levels against the US dollar.
- This week’s followed key declining channel was breached with support near $0.3230 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair even broke the $0.2800 support area and traded close to the $0.2600 level.
Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently correcting higher, but upsides could be capped near $0.3000.
Ripple Price Decline
Recently, we were waiting for a downside correction towards the $0.3200 level in Ripple price against the US Dollar. The XRP/USD pair did trade lower and tested the $0.3200 support area. However, it seems like buyers failed to hold the $0.3200 support, resulting in more declines. There was a sharp downside move and the price dropped more than 15% below the $0.3000 level.
During the decline, this week’s followed key declining channel was breached with support near $0.3230 on the hourly chart of the XRP/USD pair. The pair even broke the $0.2800 support and settled below the 100 hourly simple moving average. It traded as low as $0.2672 and is currently correcting higher. It traded above the 23.6% fib retracement level of the last drop from the $0.3397 high to $0.2672 low. However, there are many hurdles on the upside near the $0.2900 and $0.3000 levels. Above $0.3000, the price could test the 50% fib retracement level of the last drop from the $0.3397 high to $0.2672 low at $0.3034.
Looking at the chart, ripple price is under a lot of pressure below $0.3000. Any recoveries from the current levels are likely to face sellers near $0.2900 and $0.3000. On the downside, the next major support is near the $0.2500 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.
Major Support Level – $0.2500
Major Resistance Level – $0.3000
