Key Highlights
- Ripple price failed to hold gains above the $0.4700 support and declined against the US dollar.
- There is a new key bearish trend line formed with resistance near $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to decline and it could retest the last swing low of $0.4400.
Ripple price is back in a downtrend against the US Dollar and Bitcoin. XRP/USD is under pressure below $0.4700 for more losses towards the $0.4400 low.
Ripple Price Trend
There was a major struggle to hold gains above the $0.4700 level in Ripple price against the US Dollar. The XRP/USD pair failed to gain traction and declined below the $0.4600 support. The decline was such that the price traded below the 50% Fib retracement level of the last leg from the $0.4400 low to $0.4940 high. It opened the doors for more losses below $0.4600 and the price moved in a bearish zone.
It spiked below the $0.4500 level and formed a low at $0.4482 recently. At the moment, the price is trading near the $0.4500 level. An initial resistance is around the 23.6% Fib retracement level of the last recent decline from the $0.4933 high to $0.4482 low. There is also a new key bearish trend line formed with resistance near $0.4600 on the hourly chart of the XRP/USD pair. Above the trend line resistance, the $0.4700 is a crucial resistance. It now coincides with the 50% Fib retracement level of the last recent decline from the $0.4933 high to $0.4482 low.
Looking at the chart, the price is likely to struggle to move above $0.4600 and $0.4700. On the downside, the $0.4400 zone is a major support, below which, the price could test $0.4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.
Major Support Level – $0.4400
Major Resistance Level – $0.4700
