Key Highlights
- Ripple price failed to move above $0.9100 and declined sharply against the US dollar.
- There was a break below yesterday’s highlighted major bullish trend line with support at $0.8450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct higher, but it will most likely face sellers near the $0.8280 level.
Ripple price made a downside move against the US Dollar and Bitcoin. XRP/USD moved into a short-term bearish zone with resistance near $0.8280 and $0.8400.
Ripple Price Resistances
Yesterday, we discussed about a major resistance near $0.9000 and $0.9100 levels in Ripple price against the US Dollar. The price struggled to move settle above $0.9000, which resulted in a downside move. Sellers pushed the price below the $0.8400 support area. During the decline, there was a break below the 50% Fib retracement level of the last leg from the $0.7560 low to $0.9090 high.
More importantly, there was a break below yesterday’s highlighted major bullish trend line with support at $0.8450 on the hourly chart of the XRP/USD pair. It resulted in more declines below $0.8250 and $0.8000. At the moment, the price is trading well below the $0.8400 pivot level and the 100 hourly simple moving average. A low was formed at $0.7806 recently before the price started consolidating losses. An initial resistance is close to the 23.6% Fib retracement level of the last decline from the $0.9093 high to $0.7806 low.
Looking at the chart, it seems like the price may correct towards $0.8250 in the near term. However, the broken support at $0.8280 and the 100 hourly SMA are likely to act as major hurdles. Moreover, the $0.8400 pivot level may also act as a barrier for buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 40 level.
Major Support Level – $0.7800
Major Resistance Level – $0.8280