Key Highlights
- Ripple price failed to hold an important support at $0.2350 against the US Dollar and declined.
- There was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might correct higher in the short term, but likely to face sellers near $0.2500.
Ripple price broke down against the US Dollar and Bitcoin. XRP/USD is now below $0.2500 and facing many upside hurdles.
Ripple Price Resistance
Yesterday, we saw a major support in Ripple price above $0.2500 against the US Dollar. The price was correcting lower from the $0.2950 swing high towards $0.2550-0.2500. It failed to hold the stated $0.2500 support and declined sharply. The worst part was a break below a major bullish trend line with support at $0.2550 on the hourly chart of the XRP/USD pair. The pair even broke the $0.2350 support and declined towards the $0.2170 level.
A low was formed near $0.2170 from where the price started an upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low. However, the most important resistance is near the $0.2500 level. It was a support earlier and now sellers may prevent a break above $0.2550. There is also a bearish trend line forming with resistance at $0.2440.
Moreover, the 38.2% Fib retracement level of the last decline from the $0.2950 high to $0.2170 low is at $0.2470. Overall, it seems like there is a major resistance forming near $0.2500 for XRP. In the short term, selling close to the $0.2500 level can be considered with a tight stop.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently recovering from the oversold levels.
Major Support Level – $0.2200
Major Resistance Level – $0.2500
Charts courtesy – Trading View, Kraken
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