Key Highlights
- Ripple price declined sharply this past week and moved below $0.2400 against the US Dollar.
- There is a short-term bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price might dip a few points, but most likely to bounce back above $0.2050 sooner or later.
Ripple price is struggling to hold on to gains against the US Dollar and Bitcoin. XRP/USD is currently trading near a major support around $0.2000.
Ripple Price Support
This past week was a roller coaster ride for Ripple price since it surged higher, failed near $0.3000 and moved down sharply against the US Dollar. The price was down by more than 20% and traded below the $0.2400 support area. The downside move was such that the price even traded once below $0.2000 and settled below the 100 hourly simple moving average.
At the moment, the price is trading near $0.2000 and consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $0.2300 high to $0.1973 low. There is also a short-term bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair. Above, the trend line resistance, the 100 hourly SMA is near $0.2100. The mentioned level also coincides with the 38.2% Fib retracement level of the last decline from the $0.2300 high to $0.1973 low.
Therefore, a close above the $0.2100 resistance is required for XRP to avoid any more declines. On the downside, a break of $0.1950 could take the price towards the next support at $0.1800.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Level – $0.1950
Major Resistance Level – $0.2100
Charts courtesy – Trading View, Kraken
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.