Key Highlights
- Ripple price declined from the $0.9640 swing high and broke the $0.8500 support against the US dollar.
- There is a short-term connecting bearish trend line forming with resistance at $0.8080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must break the $0.8080 and $0.8150 resistance levels to move back in a positive zone.
Ripple price broke a few key supports against the US Dollar and Bitcoin. XRP/USD has to clear the $0.8150 hurdle to start a fresh upside move in the near term.
Ripple Price Resistance
There was a downside reaction in Ripple price from well above $0.9500 against the US Dollar. The price started a new decline and broke the $0.8800 support and the 100 hourly simple moving average. The decline was such that the price even broke the $0.8500 support and the $0.8400 pivot level. XRP sellers gained traction and the price declined below a major support at $0.8080.
It is now trading well below $0.8400 and the 100 hourly simple moving average. It traded as low as $0.7576 recently and is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.9637 high to $0.7576 low. Moreover, there is a short-term connecting bearish trend line forming with resistance at $0.8080 on the hourly chart of the XRP/USD pair. A break above the trend line resistance at $0.8080 could open the doors for more gains. However, a proper break above $0.8150 is needed for a convincing move into a positive zone.
Looking at the chart, the price may move above $0.8150 in the near term. Having said that, it is likely to face a strong hurdle near $0.8500 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 40 level.
Major Support Level – $0.7500
Major Resistance Level – $0.8150