Key Highlights
- Ripple price declined further and traded below the $0.6000 support level against the US dollar.
- Yesterday’s highlighted important bearish trend line with current resistance at $0.6300 is intact on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting higher and it may face hurdles near the $0.6200 and 0.6300 levels.
Ripple price remained in a bearish zone against the US Dollar and Bitcoin. XRP/USD traded towards $0.5750 before starting an upside correction towards $0.6200.
Ripple Price Resistance
After a minor upside correction, Ripple price faced sellers near $0.6300-0.6400 against the US Dollar. The price started a downside move and declined below the $0.6200 and $0.6000 support levels. The decline was crucial since the price traded close to the $0.5750 level. A low was formed near at $0.5758 before the price started an upside correction.
It is currently correcting higher towards the $0.6200 level, which was a support earlier. It has moved above the 23.6% Fib retracement level of the last drop from the $0.6702 high to $0.5758 low. However, there are many barriers on the upside near $0.6200 and $0.6300. More importantly, yesterday’s highlighted important bearish trend line with current resistance at $0.6300 is intact on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the last drop from the $0.6702 high to $0.5758 low is also positioned near $0.6230. Therefore, if the price moves higher above $0.6100, it is likely to face a strong resistance near $0.6200.
Looking at the chart, the remains in a bearish zone below $0.6500. On the downside, the $0.5750 is a strong support. A break below $0.5750 may open the doors for more declines towards the $0.5200 level in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 50 level.
Major Support Level – $0.5750
Major Resistance Level – $0.6200