Key Highlights
- Ripple price failed to remain above the $0.1900 level against the US Dollar, and declined further.
- There is a new connecting bearish trend line forming with current resistance at $0.1840 on the hourly chart of XRP/USD (data source from Kraken).
- The price remains in the sell zone and any rallies can be seen as selling opportunity near $0.1850.
Ripple price declined further to new weekly lows against the US Dollar and Bitcoin. XRP/USD remains sell near the $0.1850-0.1900 levels.
Ripple Price Decline and Resistance
There were further declines in Ripple price below the $0.1900 level against the US Dollar. Yesterday, there was a short-term correction towards the $0.2050. The price failed to break yesterday’s highlighted bearish trend line at $0.2040 on the hourly chart. It even failed to break the 38.2% Fib retracement level of the previous decline from the $0.2245 high to $0.1910 low.
The decline resumed and the price broke the low at $0.1910 and even broke the $0.1700 support. A new low was formed at $0.1621 from where the price started a correction. It is currently trading near the 38.2% Fib retracement level of the last decline from the $0.2050 high to $0.1621 low. On the upside, an immediate hurdle is near a new connecting bearish trend line forming with current resistance at $0.1840 on the hourly chart of XRP/USD. Moreover, the 50% Fib retracement level of the last decline from the $0.2050 high to $0.1621 low is also at $0.1820.
Therefore, any correction towards the $0.1820-0.1850 levels is likely to face sellers in the near term. On the downside, the recent low of $0.1621 can be tested again.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has just moved into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the oversold levels.
Major Support Level – $0.1620
Major Resistance Level – $0.1850
Charts courtesy – Trading View, Kraken
