Key Highlights
- Ripple price extended its decline and broke the $0.4700 support area against the US dollar.
- Yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently trading near major support levels at $0.4640 and $0.4600.
Ripple price struggled to recover against the US Dollar and Bitcoin. XRP/USD is struggling and it remains at a risk of more declines below the $0.4600 support.
Ripple Price Decline
Yesterday, there was a downside correction from the $0.4880 swing high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.4800 and $0.4750 support levels. The decline was such that the price even broke the 61.8% Fib retracement level of the last leg from the $0.4630 low to $0.4880 swing high. Finally, there was a close below the $0.4750 support and the 100 hourly simple moving average.
During the slide, yesterday’s highlighted major bullish trend line was breached with support at $0.4690 on the hourly chart of the XRP/USD pair. Currently, the price is trading near a key support at $0.4640. A break below this may push the price towards the $0.4600 support area. Any further declines depend how XRP buyers react when the price reaches $0.4600. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.
Looking at the chart, the price is at a risk of more declines below $0.4640. To recover, the price must move back above $0.4750 and the 100 hourly SMA. The $0.4750 resistance also coincides with the 50% Fib retracement level of the last decline from the $0.4877 high to $0.4630 low.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 30 level.
Major Support Level – $0.4600
Major Resistance Level – $0.4750