Key Highlights
- Ripple price declined recently and broke the $0.5200 support zone against the US dollar.
- There is a major bearish trend line in place with resistance at $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may struggle to move back above the $0.5200 resistance and the 100 hourly simple moving average.
Ripple price failed to hold gains against the US Dollar and Bitcoin. XRP/USD may slide further towards the $0.4790 support level in the near term.
Ripple Price Analysis
During the past three sessions, there was a continuous slide from the $0.5450 swing high in ripple price against the US Dollar. The XRP/USD pair broke the $0.5205 support area and traded into a bearish zone. Moreover, there was a close below the $0.5200 level and the 100 hourly simple moving average. Moreover, there was a break below 50% Fib retracement level of the last leg from the $0.4465 low to $0.5625 swing high.
However, the decline was protected by the $0.4900-0.5000 zone. Buyers also protected the 61.8% Fib retracement level of the last leg from the $0.4465 low to $0.5625 swing high. The price bounced back and traded above the $0.5000 level and the 100 hourly SMA. At the moment, sellers protected the $0.5100 level and the 100 hourly SMA. Besides, there is a major bearish trend line in place with resistance at $0.5200 on the hourly chart of the XRP/USD pair. If buyers push the price above the trend line and the $0.5205 level, there could be a fresh bullish wave.
Looking at the chart, ripple price may attempt a break above the $0.5200 resistance. On the other hand, if there is a break below $0.5000, the price may slide towards the $0.4790 support in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved back above the 50 level.
Major Support Level – $0.5000
Major Resistance Level – $0.5200
