Key Highlights
- Ripple price is under a lot of pressure below the $0.4900 and $0.4950 resistance levels against the US dollar.
- This week’s followed crucial bearish trend line is intact with resistance at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses as long as it is below the $0.4900 and $0.5000 levels.
Ripple price is slowly moving lower against the US Dollar and Bitcoin. XRP/USD may accelerate declines once it breaks the $0.4600 support area.
Ripple Price Analysis
Yesterday, we discussed the importance of the $0.4950 and $0.5000 resistance levels for Ripple price against the US Dollar. The XRP/USD pair failed to break the mentioned resistances and extended declines below the $0.4800 level. The price is currently well below the $0.4900 level and the 100 hourly simple moving average. It recently broke the 61.8% Fib retracement level of the last wave from the $0.4618 low to $0.4989 high.
It seems like the price is under a lot of pressure and it could revisit the $0.4618 low. On the upside, an initial resistance is at $0.4800. More importantly, this week’s followed crucial bearish trend line is intact with resistance at $0.4850 on the hourly chart of the XRP/USD pair. Additionally, there is another bearish trend line with resistance at $0.4740 on the same chart. Above the trend lines, the 100 hourly SMA is positioned at $0.4840. Therefore, there seems to be a strong resistance forming near the $0.4800 and $0.4850 levels.
Looking at the chart, ripple price is under a lot of pressure below the $0.4850 level. Buyers need to push the price above $0.4850 and $0.4900 to stage a comeback. If not, there may be more losses towards $0.4618 or $0.4550.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below 50 level.
Major Support Level – $0.4618
Major Resistance Level – $0.4900
