Key Highlights
- Ripple price is struggling to break the $0.3180 and $0.3240 resistance levels against the US dollar.
- There is a crucial bearish trend line formed with resistance at $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to move down below the $0.3000 and $0.2950 support levels.
Ripple price is facing an uphill task against the US Dollar and Bitcoin. XRP/USD is likely to decline once again below $0.3000 as long as it is below $0.3100.
Ripple Price Analysis
After forming a decent support base near $0.2860, ripple price recovered a few points against the US Dollar. The XRP/USD pair traded above the $0.2950 and $0.3000 resistance levels. The price even broke the 23.6% Fib retracement level of the last decline from the $0.3400 swing high to $0.2860 low. However, the price faced a solid resistance near the $0.3180 level.
Buyers struggled to push the price above the $0.3180 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line formed with resistance at $0.3100 on the hourly chart of the XRP/USD pair. The pair also failed near the 50% Fib retracement level of the last decline from the $0.3400 swing high to $0.2860 low. At the outset, the price is trading below the trend line, $0.3100, and the 100 hourly SMA. A successful close above $0.3100, $0.3180, and the 100 hourly SMA is needed for buyers to gain bullish momentum. If not, the price is likely to resume its decline below $0.3000 and $0.2950.
Looking at the chart, ripple price seems to be facing a major hurdle near $0.3100-0.3180. Therefore, sellers remain in action and there are high chances of a fresh decline below $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD once again moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.
Major Support Level – $0.3000
Major Resistance Level – $0.3180
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