Key Highlights
- Ripple price remained under a bearish pressure and it traded below the $2.00 level against the US Dollar.
- Yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price may extend its decline and it could even trade towards the $1.70 level.
Ripple price is struggling to recover against the US Dollar and Bitcoin. XRP/USD might continue to decline and is currently well below $2.00.
Ripple Price Upside Hurdle
Yesterday, we saw the start of a new downside wave in Ripple price from well above $2.80 against the US Dollar. The price recovered once above the $2.20 level. However, the upside move was capped by the $2.50 level. Moreover, the 61.8% Fib retracement level of the last drop from the $2.82 high to $1.60 low also acted as a hurdle. A new downside wave was initiated and the price moved below the $2.20 level.
There was also break below the 50% Fib retracement level of the last wave from the $1.60 low to $2.58 high. At the moment, the price is below $2.00 and the 100 hourly simple moving average. It seems like the price may extend declines and it could even test the $1.70 level in the short term. On the upside, an initial resistance is at $2.10. Moreover, yesterday’s highlighted major bearish trend line with current resistance at $2.25 is intact on the hourly chart of the XRP/USD pair.
On the downside, an initial support is at $1.85. Moreover, the 76.4% Fib retracement level of the last wave from the $1.60 low to $2.58 high is also around $1.85. Therefore, the $1.85 level may act as a support, but the main support is at $1.70.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level.
Major Support Level – $1.70
Major Resistance Level – $2.10
Charts courtesy – Trading View, Kraken