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- The price of the ripple exceeded the level of $ 0.3820 and subsequently dropped sharply below $ 0.3500 compared to the US dollar.
- There is a short-term downtrend line that forms with resistance to $ 0.3300 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently consolidating losses, but may soon regain its decline below $ 0.3200 and $ 0.3100.
The price of the ripple made a sharp U-turn with respect to the US dollar and Bitcoin. The XRP / USD is positioned in a bearish zone and could accelerate losses below the support of $ 0.3200.
Price analysis of undulations
Recently, we saw a bullish break above $ 0.3600 and $ 0.3700 in ripple against the US dollar. The XRP / USD pair even broke resistance at $ 0.3800 and traded at $ 0.3819. Subsequently, there was a sharp increase in selling interest, resulting in a significant drop of less than $ 0.3500. The price was trading under the support of $ 0.3460 and the rotation level of $ 0.3300. Also, there was a close below the $ 0.3350 level and a 100-hour simple moving average.
A minimum was formed close to $ 0.3165 and subsequently the price was corrected higher. It has moved above the $ 0.3250 level, but the rises remain limited. Initial resistance is the 23.6% retracement level of the recent decline from $ 0.3819 high to $ 0.3165 low. In addition, there is a short-term downtrend line that connects to the resistance at $ 0.3300 on the hourly chart of the XRP / USD pair. If there is a break above the trend line and $ 0.3320, the price could recover further. The next major obstacle for buyers is seen near the $ 0.3480-0.3500 zone. It also represents the 50% Fibra retracement level of the recent decline from $ 0.3819 high to $ 0.3165 low.
Looking at the chart, the price of ripple is clearly at risk of further losses of less than $ 0.3200. Sellers are likely to push the price below the minimum of $ 0.3165. The next immediate support is at $ 0.3100 and $ 0.3050.
Technical indicators
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone, but with a bearish angle.
RSI (Relative Strength Index) Time Index – The RSI for XRP / USD is currently well below level 40, with negative signs.
Main support level: $ 0.3200
Main resistance level: $ 0.3320
