Key Highlights
- Ripple price tumbled sharply after there was a daily close below $0.4000 against the US dollar.
- There is a major bearish trend line in place with resistance at $0.3900 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently under a lot of pressure and it could decline towards the $0.3200 level.
Ripple price moved down sharply against the US Dollar and Bitcoin. XRP/USD is now well below $0.3800 and it may perhaps decline further towards $0.3200.
Ripple Price Trend
There were heavy slides below the $0.4000 support in Ripple price against the US Dollar. The XRP/USD pair broke a crucial support yesterday near the $0.4270 level, which opened the doors for more declines. Today, the price tumbled below the $0.3800 and $0.3600 support levels. The trend was such that the price even broke the $0.3500 level. A low was formed at $0.3400 and it seems like the price may continue to move down.
An initial resistance on the upside is near the 23.6% Fib retracement level of the last slide from the $0.4138 high to $0.3400 low. There is also a major bearish trend line in place with resistance at $0.3900 on the hourly chart of the XRP/USD pair. However, any major upside move from the current levels will most likely face barriers near the $0.3600 and $0.3800 levels. The 50% Fib retracement level of the last slide from the $0.4138 high to $0.3400 low is also positioned near the $0.3750 level.
Looking at the chart, ripple price is under a solid bearish pressure and it may soon break the $0.3400 low. The next support on the downside is near the $0.3200 level. Below this, the price may even test the $0.3000 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving lower towards the 15 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3800
