Ripple price declined sharply below key supports against the US Dollar and Bitcoin. XRP/USD remains at a risk of more losses below the $0.3050 and $0.3000 support levels.
Ripple Price Analysis
This past week, we saw a decent recovery above $0.3300 in ripple price against the US Dollar. However, the XRP/USD pair failed on many occasions to clear the $0.3380 and $0.3400 resistance levels. As a result, there was a bearish reaction and the price declined below the $0.3200 support level. The decline was such that the even broke the key $0.3180 support level and moved into a bearish zone. Finally, there was a close below the $0.3200 support level and the 100 hourly simple moving average.
A low was formed at $0.3102 and later the price started a short term upside correction. It recovered above the $0.3120 and $0.3130 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low. However, the previous important support near $0.3180 is now acting as a strong barrier for buyers. Moreover, there is a crucial bearish trend line formed with resistance at $0.3185 on the hourly chart of the XRP/USD pair. Above the trend line, the 50% Fib retracement level of the last decline from the $0.3352 high to $0.3102 low is at $0.3227. Therefore, there are many hurdles formed near $0.3180, $0.3200 and $0.3220.
Looking at the chart, ripple price might continue to struggle near the $0.3200 resistance level. Therefore, there is a risk of more losses and it may even break the $0.3000 support area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with many bearish signs.
Major Support Level – $0.3100
Major Resistance Level – $0.3200
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