- Ripple price declined and revisited the $0.3380 support area against the US dollar.
- Yesterday’s highlighted important bearish trend line is in place with resistance at $0.3500 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the $0.3380 and $0.3360 support levels to bounce back in the near term.
Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD needs to surpass $0.3500 and $0.3540 to gain bullish momentum.
Ripple Price Analysis
During the past few sessions, there were bearish moves below $0.3650 in ripple price against the US Dollar. The XRP/USD pair traded lower below $0.3500 and settled below the 100 hourly simple moving average. There were a couple of correction waves, but upsides were capped by $0.3650 and $0.3510. The last rejection was near the $0.3500-0.3510 zone before the price traded below $0.3400.
The price tested the $0.3360-0.3380 support area where buyers emerged. A fresh low was formed at $0.3341 and the price is currently consolidating. The first hurdle is yesterday’s highlighted important bearish trend line is in place with resistance at $0.3500 on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the last drop from the $0.3750 high to $0.3341 low may stop upsides. However, the main resistance is near $0.3580 and the 100 hourly SMA. It coincides with the 61.8% Fib retracement level of the last drop from the $0.3750 high to $0.3341 low.
Looking at the chart, ripple price seems to be following a bearish path below $0.3600 and $0.3580. On the downside, if there is a break below the $0.3380 and $0.3360 supports, there could be more losses. The next key support is near $0.3180 where buyers could emerge.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 40 level.
Major Support Level – $0.3380
Major Resistance Level – $0.3580
Author: Aayush Jindal