Ripple is down close to 5% and it broke the key $0.1680 support zone against the US Dollar. XRP price is currently correcting higher, but it is likely to face hurdles near $0.1700.
- Ripple price declined below the $0.1720 and $0.680 support levels against the US dollar.
- A low is formed near $0.1620 and the price is currently correcting higher.
- There is a key bearish trend line forming with resistance near $0.1685 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to face a lot of selling interest if it corrects towards $0.1680 or $0.1700.
Ripple Price Turns Red
In the past few days, ripple faced an increase in selling pressure from well above the $0.1750 zone. XRP price broke a couple of important supports near the $0.1720 level to move into a bearish zone.
The bears gained traction and they succeeded in gathering momentum below the $0.1680 level and the 100 hourly simple moving average. The price traded as low as $0.1620 and it is currently correcting higher.
There was a break above the 23.6% Fib retracement level of the recent decline from the $0.1747 high to $0.1620 low. Ripple is currently trading higher, but it is likely to face a lot of hurdles near $0.1680.
There is also a key bearish trend line forming with resistance near $0.1685 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent decline from the $0.1747 high to $0.1620 low is also near the $0.1680 level to act as a major hurdle.
If there is an upside break above the $0.1680 resistance area, the price could test the $0.1700 barrier and the 100 hourly SMA. A clear break above the 100 hourly SMA is needed for a push towards $0.1750 in the near term.
More Downsides?
If ripple fails to recover above the $0.1680 and $0.1700 resistance levels, there are chances of more downsides in the near term. The main support is near the $0.1620 level, below which the bears are likely to aim the $0.1580 zone.
Any further losses may perhaps lead the price towards the $0.1550 support area in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering and moving towards the 50 level.
Major Support Levels – $0.1620, $0.1600 and $0.1580.
Major Resistance Levels – $0.1680, $0.1700 and $0.1720.
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