- Ripple price extended losses and tested the $0.2840-0.2850 support area against the US dollar.
- There is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher, but it is likely to face sellers near $0.2920, $0.2960 and $0.3000.
Ripple price is consolidating with corrective moves against the US Dollar and Bitcoin. XRP/USD could resume its decline once the current correction is complete near $0.2920-0.2950.
Ripple Price Analysis
Yesterday, there was a sharp decline below the $0.3000 support in ripple against the US Dollar. The XRP/USD pair remained in a bearish zone and later broke the $0.2920 and $0.2900 support levels. It tested the $0.2840-0.2850 support area and finally started a short term upside correction. The price is currently trading near the 23.6% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. However, there are many resistances on the upside near the $0.2920, $0.2960 and $0.3000 levels.
Besides, there is a major bearish trend line in place with resistance near $0.2920 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the last decline from the $0.2987 high to $0.2851 low. If there is a break above the trend line, the next resistance is near the $0.2940 and the 100 hourly simple moving average. To start a solid recovery, the price must break the $0.2950 and $0.3000 resistance levels. If not, the price remains at a risk of more losses below $0.2880 and $0.2850. The next key support below $0.2850 is at $0.2820, followed by $0.2800.
Looking at the chart, ripple price is trading well below the $0.2950 resistance and the 100 hourly SMA. Therefore, it remains in a bearish zone and any recovery from the current levels could face sellers near $0.2950.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently in the bullish zone, but it could move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD just moved above the 50 level.
Major Support Level – $0.2850
Major Resistance Level – $0.2950