Key Highlights
- Ripple price failed to move above the $0.4750 resistance and declined against the US dollar.
- There is a major bearish trend line in place with resistance near $0.4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could accelerate declines below $0.4300 and it may even trade to a new low in the near term.
Ripple price is facing a heavy selling interest against the US Dollar and Bitcoin. XRP/USD is likely to decline further below the $0.4300 and $0.4200 levels.
Ripple Price Support
Yesterday, there was a minor upside correction above the $0.4600 level in Ripple price against the US Dollar. The XRP/USD pair even traded above the $0.4700 level. However, the upside move was capped by the $0.4750 resistance. The price was rejected, resulting in a downside reaction below the $0.4600 level. It even broke the $0.4500 and $0.4400 support levels.
A low was formed at $0.4393 and it seems like there could be more losses in the near term. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4572 high to $0.4393 low. However, the most important resistance is near the $0.4600 level. There is also a major bearish trend line in place with resistance near $0.4600 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the last decline from the $0.4572 high to $0.4393 low is below the trend line to prevent gains. Therefore, if the price corrects higher, it is likely to face sellers near the $0.4600 and $0.4620 levels.
Looking at the chart, the price remains at a risk of more declines below the $0.4400 level. The next supports are seen near the $0.4320 and $0.4200 levels.
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 now well below the 35 level.
Major Support Level – $0.4350
Major Resistance Level – $0.4600
