Key Highlights
- Ripple price is slowly declining and it is currently trading below the $0.3400 support against the US dollar.
- There is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may perhaps continue to correct lower and it could test the $0.3200 support.
Ripple price is slightly under pressure against the US Dollar and Bitcoin. XRP/USD could revisit the $0.3200 support before climbing higher once again.
Ripple Price Decline
Yesterday, we discussed about a downside move below $0.3400 in Ripple price against the US Dollar. The XRP/USD pair declined slowly and steadily from the $0.3530 swing high. The decline was such that the price settled below the $0.3400 support and the 100 hourly simple moving average. Moreover, it recently broke the 61.8% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high.
It seems like the price may even trade below the $0.3300 support area in the near term. More importantly, there is a key declining channel in place with resistance at $0.3360 on the hourly chart of the XRP/USD pair. An initial support is near the $0.3290 level. It coincides with the 76.4% Fib retracement level of the last upward move from the $0.3225 swing low to $0.3530 high. Therefore, a break below $0.3290 is likely to open the gates for a push towards the last swing low at $0.3255.
Looking at the chart, ripple price is clearly under pressure below $0.3380 and the 100 hourly SMA. If the price succeeds in breaking the channel resistance and $0.3380, it could move back above $0.3400. On the other hand, a break below $0.3300 clears the path for more losses.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 45 level.
Major Support Level – $0.3290
Major Resistance Level – $0.3360
