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Key points
- The price of ripple failed to overcome resistance from $ 0.4400 and $ 0.4500 and decreased against the US dollar.
- There was a downward rupture under a contracting triangle with support for $ 0.4300 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to break the recent low of $ 0.4000 to extend the current decline in the short term.
The price of ripple failed to gain momentum against the US dollar and Bitcoin. XRP / USD is down below $ 0.4300 and may continue to fall.
Price analysis of undulations
The last three sessions were rather bearish as the price of ripple failed to exceed the resistance of $ 0.400 against the US dollar. The XRP / USD pair even struggled to cancel the resistance of $ 0.4400 and remained well below the 100-hour simple moving average. During the decline, there was a break below the fiber retracement level of 61.8% of the recent wave from the low of $ 0.4006 to $ 0.5010.
Also, there was a bearish breakdown under a contracting triangle with $ 0.4300 support on the hourly chart of the XRP / USD pair. The pair now trades well below the resistance of $ 0.4400 and the 100-hour SMA. The current price action is clearly negative below the Fib retracement level 76.4% of the recent wave from the low of $ 0.4006 to $ 0.5010. There seems to be high probability of further losses under the support of $ 0.4060. If sellers buy control, the price may even cancel the support area of $ 0.4000 for a sustained decline.
Looking at the chart, the price of ripple remains at risk of further losses of less than $ 0.4100. On the upside, an initial resistance is close to the $ 0.43 level. However, a break above the $ 0.4450 level is needed to allow buyers to gain strength in the short term.
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is now back in the bearish zone.
Relative Strength Index (RSI) – The RSI for XRP / USD is well below the 50 level.
Main support level: $ 0.4000
Main resistance level – $ 0.4450
