Key Highlights
- Ripple price declined sharply this past week and moved below $0.2400 against the US Dollar.
- There is a short-term bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might dip a few points, but most likely to bounce back above $0.2050 sooner or later.
Ripple price is struggling to hold on to gains against the US Dollar and Bitcoin. XRP/USD is currently trading near a major support around $0.2000.
Ripple Price Support
This past week was a roller coaster ride for Ripple price since it surged higher, failed near $0.3000 and moved down sharply against the US Dollar. The price was down by more than 20% and traded below the $0.2400 support area. The downside move was such that the price even traded once below $0.2000 and settled below the 100 hourly simple moving average.
At the moment, the price is trading near $0.2000 and consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2300 high to $0.1973 low. There is also a short-term bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair. Above, the trend line resistance, the 100 hourly SMA is near $0.2100. The mentioned level also coincides with the 38.2% Fib retracement level of the last decline from the $0.2300 high to $0.1973 low.
Therefore, a close above the $0.2100 resistance is required for XRP to avoid any more declines. On the downside, a break of $0.1950 could take the price towards the next support at $0.1800.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $0.1950
Major Resistance Level – $0.2100
Charts courtesy – Trading View, Kraken
