- Ripple price was not able to stay above the $0.3500 support zone and declined against the US dollar.
- There is a new connecting bearish trend line in place with resistance at $0.3300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently at risk of a downside break below the $0.3100 support level in the near term.
Ripple price is under pressure below key supports against the US Dollar and Bitcoin. XRP/USD could decline sharply if there is a break below the $0.3100 support.
Ripple Price Support
Recently, we saw a better than average upside move over the $0.3400 level in Ripple cost against the US Dollar. The XRP/USD combine exchanged towards the $0.3550 level where venders showed up. The cost topped at $0.3541 and later began a drawback move. It trimmed the greater part of its yesterday’s additions and broke the $0.3400 bolster. There was additionally a nearby beneath the $0.3300 level and the 100 hourly basic moving normal.
A new low was shaped at $0.3092 before the value discovered help. It is presently recouping over the $0.3100 level. It tried the 38.2% Fib retracement level of the last decrease from the $0.3541 high to $0.3092 low. On the upside, there is another associating bearish pattern line set up with obstruction at $0.3300 on the hourly graph of the XRP/USD match. Over the pattern line opposition, the $0.3320 boundary is near the 100 hourly straightforward moving normal. In addition, the half Fib retracement level of the last decrease from the $0.3541 high to $0.3092 low is likewise close $0.3320.
Looking at the chart, ripple price may continue to face sellers near the $0.3300 and $0.3320 levels. If there is a downside break, the price could break the $0.3100 level for more losses.
Looking at the technical indicators:
- Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
- Major Support Level – $0.3100
- Major Resistance Level – $0.3350