- Ripple price declined steadily and broke the $0.3350 support area against the US dollar.
- Yesterday’s highlighted major declining channel is intact with resistance at $0.3340 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely extend the current decline towards the $0.3260 and $0.3220 levels in the near term.
Ripple price is trading lower against the US Dollar and Bitcoin. XRP/USD could drop further as long as the price is below the $0.3400 resistance.
Ripple Price Resistance
In the past two analysis, we discussed about a steady decline towards $0.3200 in Ripple price against the US Dollar. The XRP/USD pair remained in a bearish zone and the pair recently broke the $0.3400 and $0.3350 support levels. There was also a break below the 76.4% Fib retracement level of the last leg from the $0.3273 low to $0.3530 high. It is now trading well below the $0.3400 resistance and the 100 hourly simple moving average.
It seems like the price may soon test the last swing low of $0.3273 in the near term. Below this, the next support is near the $0.3220 level. Moreover, the price could even test the 1.236 Fib extension level of the last leg from the $0.3273 low to $0.3530 high at $0.3213. Finally, the most important support is aligned near the $0.3200 level. On the upside, an initial resistance is near the $0.3320 level. Furthermore, yesterday’s highlighted major declining channel is intact with resistance at $0.3340 on the hourly chart of the XRP/USD pair. Above the channel resistance, the next hurdle for buyers is near $0.3380 and the 100 hourly SMA.
Looking at the chart, ripple price is likely to decline further towards the $0.3270 and 0.3220 levels in the near term as long as it is below $0.3400.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 40 level.
Major Support Level – $0.3220
Major Resistance Level – $0.3380
Author: Aayush Jindal