- Ripple price is correcting lower and is currently testing a major support area near $0.2400 against the US Dollar.
- Yesterday’s highlighted crucial bullish trend line with support at $0.2500 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is trading near a major support area of $0.2400-0.2350, which must hold further losses.
Ripple price started a downside correction against the US Dollar and Bitcoin. XRP/USD is now trading above a major support of $0.2350.
Ripple Price Downsides Limited
There was a minor decline in Ripple price from the $0.2803 swing high against the US Dollar. The price moved below the $0.2650 support and the 23.6% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high. It opened the doors for an extended correction and the price moved below $0.2550. During the downside move, there was a break below yesterday’s highlighted crucial bullish trend line with support at $0.2500 on the hourly chart of the XRP/USD pair.
The price moved below the $0.2500 support and the 100 hourly simple moving average. However, the 50% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is holding losses. There is a clear major support forming near $0.2400-0.2350, which must hold further losses. There is a chance of a dip towards $0.2350-30 to fill buy orders before the price recovers.
The 61.8% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is also near $0.2297 to prevent declines. On the upside, the price needs to move back above the $0.2550 resistance to gain momentum.
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 currently near the 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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