- Ripple price is currently declining and is trading below the $0.2850 support against the US dollar.
- The price is likely to face resistance near $0.2850 and $0.2920 in the near term.
- There is a major bearish trend line forming with resistance near $0.2820 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is under pressure, but it approaching a crucial support area near the $0.2650 level.
Ripple price is currently declining against the US Dollar, along with bitcoin and Ethereum. XRP price is likely to test the key $0.2650 support before it could recover.
Ripple Price Analysis
In the past few sessions, ripple price declined steadily from the $0.3050 resistance against the US Dollar. The XRP/USD pair traded below the $0.2920 and $0.2850 support levels. Moreover, there was a close below the $0.2850 support and the 100 hourly simple moving average. It opened the doors for more downsides and the price traded to a new weekly low at $0.2683.
At the moment, the price is currently correcting higher towards the $0.2800 level. It is trading near the 23.6% Fib retracement level of the last decline from the $0.2977 high to $0.2683 low. On the upside, there are many hurdles near the $0.2820 and $0.2850 levels. Moreover, there is a major bearish trend line forming with resistance near $0.2820 on the hourly chart of the XRP/USD pair.
The trend line is just below the 50% Fib retracement level of the last decline from the $0.2977 high to $0.2683 low. If there is an upside break above the trend line, the price could face resistance near the $0.2850 level. The next key resistance is near the $0.2920 area and the 100 hourly SMA. To move back into a positive zone, the price must climb above the $0.2920 resistance.
Conversely, if there are more downsides, the price could break the $0.2983 low. The main support is near the $0.2650 level (the last week’s breakout level). If the price fails to stay above the $0.2650 level, there are chances of a sharp decline in ripple in the coming sessions.
Looking at the chart, ripple price is clearly under pressure below the $0.2850 and $0.2920 levels. It seems like the price could trade in a range in the near term below $0.2850. However, it must stay above the $0.2650 support area to start a solid recovery in the near term.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.2680, $0.2650 and $0.2500.
Major Resistance Levels – $0.2820, $0.2850 and $0.0.2920.
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