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Key points
- The price of the ripple is under pressure because it broke the $ 0.3040 and $ 0.3000 against the US dollar.
- The key bearish trend line highlighted yesterday is intact with resistance to $ 0.3000 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to extend losses below the $ 0.2870 short-term support zone.
The price of the ripple failed to gain a bullish momentum against the US dollar and Bitcoin. The XRP / USD fell below $ 0.3000 and could fall further below $ 0.2870.
Price analysis of undulations
Recently, the ripple price was adjusted above the resistance from $ 0.3040 and $ 0.3120 against the US dollar. The XRP / USD pair traded near the resistance of $ 0.3180, which acted as a barrier for buyers. A short-term maximum was formed at $ 0.3177 and thereafter the price started a bearish move. It declined heavily and moved below support levels $ 0.3040 and $ 0.3000. Sellers have even pushed the price below the Fib retracement level to 11.44% of the last wave, from $ 0.2904 down to $ 0.3177 at the top.
There was a close below $ 0.3000 and a simple 100-hour moving average. The price is traded near the minimum swing of $ 0.2900. It is currently consolidating losses, with initial resistance of $ 0.3000. In addition, yesterday's key bearish trend line is intact with resistance to $ 0.3000 on the hourly chart of the XRP / USD pair. Therefore, if the price corrects higher, it is likely to face sellers close to $ 0.3000 and 100-hour SMA. If there was a bullish break above $ 0.3000, the price could correct towards $ 0.3040.
Looking at the chart, the ripple price can extend losses below $ 0.2870. Sellers could push the price to the $ 0.2740 level. Represents the 1.618 Fib extension level of the last wave from the low of $ 0.2904 to $ 0.3177 maximum.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is currently near level 40.
Main support level: $ 0.2870
Main resistance level: $ 0.3000
