Key Highlights
- Ripple price extended losses and traded below the $0.3000 support level against the US dollar.
- There is a key bearish trend line forming with resistance near the $0.3040 level on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses below the $0.2900 and $0.2800 support levels in the near term.
Ripple price is struggling to rebound against the US Dollar and Bitcoin. XRP/USD could extend declines below $0.2800 and it may perhaps test $0.2600.
Ripple Price Resistance
This past week, there were nasty declines in Ripple price below the $0.3200 support area against the US Dollar. The XRP/USD pair even broke the $0.3000 support and traded to a new monthly low at $0.2873. Later, the price stared an upside correction above $0.2900 and recovered above $0.3000. There was a break above the 23.6% Fib retracement level of the last decline from the $0.3503 high to $0.2873 low.
However, the recovery found sellers near the $0.3150 level. Moreover, the 38.2% Fib retracement level of the last decline from the $0.3503 high to $0.2873 low prevented gains. The price failed to move above $0.3150 and $0.3200, resulting in a fresh downside move. Additionally, there is a key bearish trend line forming with resistance near the $0.3040 level on the hourly chart of the XRP/USD pair. The pair is currently following the bearish trend line and is trading below $0.3000. If it fails to move past the $0.3000 and $0.3050 levels, it could extend the current decline.
Looking at the chart, ripple price remains at a risk of more losses below $0.2800. Should there be a break below $0.2800, the price may perhaps decline further towards the $0.2600 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move past the 50 level.
Major Support Level – $0.2800
Major Resistance Level – $0.3150
