- Ripple price declined recently after it failed to climb above the $0.3030 resistance against the US dollar.
- The price is currently trading below $0.2950, but it is holding the key $0.2850 support area.
- There was a break below a key bullish trend line with support near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There could be a short term upward move, but the price might struggle to clear the $0.2950 resistance.
Ripple price is correcting gains against the US Dollar and bitcoin. XRP price must stay above the $0.2850 support area to avoid more downsides in the near term.
Ripple Price Analysis
Yesterday, ripple made another attempt to surpass the $0.3030 and $0.3040 resistance levels against the US Dollar. However, XRP price failed to continue higher and a started a fresh decline.
It broke a couple of important supports near the $0.2980 and $0.2950 levels. Moreover, there was a close below the $0.2950 support area and the 100 hourly simple moving average. It opened the doors for more downsides below the $0.2940 level.
During the slide, there was a break below a key bullish trend line with support near $0.2940 on the hourly chart of the XRP/USD pair. Ripple even spiked below the $0.2900 level, but it seems like the $0.2880 support area acted as a strong buy zone.
A swing low was formed near $0.2871 and the price is currently correcting higher. It is testing the 23.6% Fib retracement level of the recent decline from the $0.3032 high to $0.2871 low.
On the upside, an immediate resistance is near the $0.2920 level and the 100 hourly simple moving average. Besides, the $0.2940 level might also act as a hurdle. The main resistance is near the $0.2950 level since it coincides with the 50% Fib retracement level of the recent decline from the $0.3032 high to $0.2871 low.
To start a fresh increase, the price must clear the 100 hourly SMA and settle above the $0.2950 resistance area. Conversely, the price may perhaps start another decline.
An immediate support is near the $0.2880 level. The main support is near the $0.2850 level, below which the price could turn bearish in the short term.
Looking at the chart, ripple price is showing a few bearish signs below the $0.2950 and $0.2920 level. Having said that, the price could recover as long as there is no clear break below $0.2850.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently moving heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Levels – $0.2880, $0.2850 and $0.2800.
Major Resistance Levels – $0.2920, $0.2950 and $0.3000.
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