Key Highlights
- 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
