- Ripple price failed to hold the $0.2600 support and moved down against the US Dollar.
- There was a break below yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might test the $0.2350 support area if the current sentiment remains intact.
Ripple price broke a key support against the US Dollar and Bitcoin. XRP/USD might correct further in the near term towards the $0.2350 level.
Ripple Price Resistance
Yesterday, we discussed that Ripple price is approaching a break either above $0.2640 or below $0.2600 against the US Dollar. The price failed to make an upside move and started declining below $0.2600. It broke yesterday’s highlighted contracting triangle pattern with support at $0.2600 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below $0.2550.
The worst part was a close below $0.2500 and the 100 hourly simple moving average. The price has moved below the $0.2500 handle and traded towards $0.2400. It might correct a few points higher towards $0.2460. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low near $0.2460. Above $0.2460, the 50% Fib retracement level of the last decline from the $0.2660 high to $0.2400 low at $0.2530 would act as a hurdle.
Moreover, the triangle resistance trend line is at $0.2600, which might continue to stop the upside move. On the downside, there are chances that the price could test $0.2350. Below the last, the price could even test the $0.2300 handle in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed well into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is heading towards the extreme oversold levels.
Major Support Level – $0.2350
Major Resistance Level – $0.2550
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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