- Ripple price failed to gain pace and is currently trading below the $0.1900 level against the US Dollar.
- Yesterday’s highlighted major bearish trend line with current resistance at $0.1900 on the hourly chart of XRP/USD (data source from Kraken) is still active.
- The price is now below $0.1850 and the 100 hourly simple moving average, which is a bearish sign.
Ripple price is struggling to gain traction against the US Dollar and Bitcoin. XRP/USD might correct lower and retest the $0.1750 level in the near term.
Ripple Price Decline
There was a short-term top in place above $0.1950 in Ripple price against the US Dollar. The price started correcting lower after trading as high as $0.1969. Initially, there was a break of the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1969 high. It has opened the doors for more losses below $0.1900. The price recently broke an important support near $0.1850 and the 100 hourly simple moving average.
On the upside, yesterday’s highlighted major bearish trend line with current resistance at $0.1900 on the hourly chart of XRP/USD is acting as a strong barrier. On the downside, there is a connecting trend line with support at $0.1780. The $0.1780 level is the 38.2% Fib retracement level of the last wave from the $0.1500 low to $0.1969 high.
Therefore, the $0.1780 level might hold losses in the short term. However, if sellers manage a close below $0.1780, there can be further declines towards $0.1700. The next important support sits near the 61.8% Fib retracement level of the last leg from the $0.1500 low to $0.1969 high at $0.1677.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.
Major Support Level – $0.1750
Major Resistance Level – $0.1900
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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