Key Highlights
- Ripple price struggled to break the $0.4650 resistance and declined below $0.4500 against the US dollar.
- There was a break below an ascending channel with support at $0.4550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently under pressure and it could even break the last swing low near $0.4300.
Ripple price failed to gain momentum against the US Dollar and Bitcoin. XRP/USD is back in a bearish zone with an immediate support near $0.4300.
Ripple Price Decline
Yesterday, there was a tiny upside move above $0.4550 in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.4600 level, but it failed to move above the $0.4650 resistance area. More importantly, there was a failure near the previous swing high and the 100 hourly simple moving average. Lastly, the 50% Fib retracement level of the last drop from the $0.4946 high to $0.4292 low also prevented gains.
The price started a downside move and broke the $0.4600 support. There was also a break below an ascending channel with support at $0.4550 on the hourly chart of the XRP/USD pair. The pair is now trading well below the $0.4500 level and the 100 hourly SMA. An initial support is near the $0.4400 level, below which the price is likely to revisit the last swing low near $0.4300. Should sellers remain in control, there are chances of more declines below the $0.4300 level in the near term. The next support is at $0.4200 followed by $0.4080.
Looking at the chart, the price is trading in a bearish zone below $0.4500. To recover, it has to move above the $0.4550 resistance and the 100 hourly SMA. Finally, a push above $0.4650 is a must for an upside acceleration.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 40 level.
Major Support Level – $0.4300
Major Resistance Level – $0.4550
