Key Highlights
- Ripple price failed to hold a major support area near $0.6500 and declined against the US dollar.
- There is a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct higher, but the broken support at $0.6500 is likely to act as a hurdle.
Ripple price declined further against the US Dollar and Bitcoin. XRP/USD is now well below $0.6500 and is eyeing more losses in the near term.
Ripple Price Bearish Bias
There was a sharp increase in bearish pressure on Ripple price below the $0.7000 level against the US Dollar. The price declined sharply and broke a major support area near $0.6500. It has opened the doors for more declines towards $0.6000 since the price is now well below the 100 hourly simple moving average. A low was formed recently at $0.6236 where buyers protected further losses.
At the moment, the price is consolidating above $0.6200. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low. Moreover, there is also a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair. The most important hurdle for buyers is near $0.6500. The stated $0.6500 level was a support earlier and now it could prevent upsides. The same level is also close to the 50% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low.
Looking at the chart, the price is in a bearish trend below $0.6500. Any corrections from the current levels could be capped by $0.6500 and $0.6700. On the downside, a break below $0.6230 will most likely push the price towards $0.6000.
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 well below the 50 level.
Major Support Level – $0.6200
Major Resistance Level – $0.6500