XRP Could Target Fresh Weekly Lows

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Recently, there was a dip below the $0.3250 and $0.3200 supports in ripple price against the US Dollar. The XRP/USD pair traded as low as $0.3192 and later corrected higher. It moved above the $0.3220 and $0.3250 resistance levels. There was a break above the 50% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low. Moreover, there was a break above the $0.3300 level and the 100 hourly simple moving average.

Buyers also pushed the price above a connecting bearish trend line with resistance at $0.3260 on the hourly chart of the XRP/USD pair. However, the upside move was capped by the $0.3320 and $0.3330 resistance levels. The price also failed to settle above the 61.8% Fib retracement level of the last slide from the $0.3383 high to $0.3192 low. As a result, there was a fresh decline below the $0.3300 level and the 100 hourly simple moving average. At the outset, the price is trading near a key bullish trend line with support at $0.3240 on the same chart. If there is a downside break below the trend line and $0.3220, the price could accelerate losses.

Looking at the chart, ripple price seems to be slowly moving into a bearish zone below $0.3250. If buyers continue to struggle, there could be more declines below $0.3200. The next key supports are $0.3150 and $0.3105.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is showing a few negative signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.3200

Major Resistance Level – $0.3300

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