Key Highlights
- Ripple price failed to move above the $0.8000 and $0.8100 resistance levels and declined against the US dollar.
- There is a new connecting bearish trend line forming with resistance at $0.7800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct higher in the short term, but it may face sellers near $0.7800 and $0.7900.
Ripple price declined heavily against the US Dollar and Bitcoin. XRP/USD is currently trading well below the $0.8000 level and is in a bearish zone.
Ripple Price Resistance
Yesterday, we discussed about a major hurdle near $0.8100 in Ripple price against the US Dollar. The price failed to break the $0.8100 resistance settled below the $0.8000 level. It declined sharply and moved below the $0.7800 and $0.7500 support levels. There was a lot of increase in selling pressure, resulting in a close below the $0.7800 support and the 100 hourly simple moving average.
A low was formed at $0.7234 before buyers appeared. At the moment, the price is recovering and is trading near the $0.7450-0.7500 resistance. Moreover, the 23.6% Fib retracement level of the last decline from the $0.8165 high to $0.7234 low is also near $0.7450. Above the mentioned level, the next resistance is at $0.7600, which was a support earlier. Additionally, there is a new connecting bearish trend line forming with resistance at $0.7800 on the hourly chart of the XRP/USD pair.
Looking at the chart, the price may correct a few points towards $0.7600 and $0.7800. However, a proper break above $0.7800 and the 61.8% Fib retracement level of the last decline from the $0.8165 high to $0.7234 low is needed for more gains. On the downside, if the price breaks the $0.7234 low, it could test $0.7000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is in the oversold levels.
Major Support Level – $0.7250
Major Resistance Level – $0.7800