Key Highlights
- Ripple price fell significantly and broke the $0.2800 and $0.2600 supports against the US dollar.
- Yesterday’s highlighted important bearish trend line is intact with resistance near the $0.2950 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher, but it could face sellers near $0.2700 and $0.2800.
Ripple price nosedived against the US Dollar and Bitcoin. XRP/USD may perhaps recover a few points, but it is likely to face sellers near $0.2800.
Ripple Price Decline
Yesterday, we discussed that Ripple price could drop towards the $0.2600 level against the US Dollar. The XRP/USD pair failed to move past the $0.2900 and $0.3000 resistance area, which resulted in a bearish wave. The price dropped and not only broke the $0.2600 support, but it also cleared the $0.2500 support. A new monthly low was formed at $0.2471 and the price is currently correcting higher.
It is testing the 23.6% Fib retracement level of the recent drop from the $0.3088 high to $0.2471 low. Above $0.2650, the price may well trade towards the $0.2770 and $0.2800 resistance levels. Moreover, yesterday’s highlighted important bearish trend line is intact with resistance near the $0.2950 level on the hourly chart of the XRP/USD pair. An intermediate hurdle is near the 50% Fib retracement level of the recent drop from the $0.3088 high to $0.2471 low. Therefore, there are many resistances aligned between the $0.2700 and $0.2850 levels. Any recoveries towards the $0.2800 level are likely to face sellers.
Looking at the chart, ripple price is clearly in a downtrend below $0.3000. On the downside, the $0.2500 level is a decent support, below which, the price is likely to test the $0.2400 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slowly correcting higher from the oversold levels.
Major Support Level – $0.2500
Major Resistance Level – $0.2800
