Key Highlights
- Ripple price failed to hold an important support at $0.4750 and declined against the US dollar.
- Yesterday’s highlighted important bullish trend line was breached with support at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now trading in a bearish zone and it could decline further towards the $0.4500 support.
Ripple price is under selling pressure against the US Dollar and Bitcoin. XRP/USD may perhaps extend the current decline towards the $0.4550 and $0.4500 supports.
Ripple Price Decline
Yesterday, there was a rejection noted around the $0.5050 resistance in Ripple price against the US Dollar. The XRP/USD pair started a downside move and broke the $0.5000 support area. There was a close below the 50% Fib retracement level of the last wave from the $0.4522 low to $0.5195 high. It opened the doors for more losses and the price settled below the $0.4900 level.
More importantly, yesterday’s highlighted important bullish trend line was breached with support at $0.4850 on the hourly chart of the XRP/USD pair. The pair broke a crucial support at $0.4750 and settled below the 100 hourly simple moving average. It is currently testing the 76.4% Fib retracement level of the last wave from the $0.4522 low to $0.5195 high. If there is a break below $0.4650, the price may perhaps accelerate declines towards the $0.4550 and $0.4500 support levels. An immediate support is at $0.4600, which is a short term buy zone.
Looking at the chart, the price is clearly under pressure below $0.4800 and $0.4750. If it corrects higher, the previous supports at $0.4750 and $0.4800 are likely to act as resistances. Only a close above $0.4850 could push the price back in a positive zone.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $0.4550
Major Resistance Level – $0.4800
