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- The price of the waves extended losses and broke support levels of $ 0.3300 and $ 0.3200 against the US dollar.
- There is a key linking the bearish trend line with resistance at $ 0.3275 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair can correct some points, but remains at risk for further losses of less than $ 0.3100 and $ 0.3000.
The price of undulation declined heavily and broke most aid against the US dollar and Bitcoin. The XRP / USD may even break the $ 0.3000 support this week if it remains below the $ 0.3400 level.
Price analysis of undulations
After trading in a range for some time less than $ 0.3350, the ripple price started a new decline compared to the US dollar. The pair XRP / USD broke the support of $ 0.3220 to move further into a bearish zone. The price even traded below the $ 0.3150 level and stood well below the 100-hour simple moving average. A new monthly minimum has been formed at $ 0.3116 and the price is currently in higher correction. It has moved above the $ 0.3200 level, but the previous support at $ 0.3220 is behaving like a resistance.
Above $ 0.3220, the Fib retracement level of 23.6% from the recent decline from $ 0.3823 high to $ 0.3116 low is $ 0.3280. In addition, there is a key linking the bearish trend line with resistance at $ 0.3275 on the hourly chart of the XRP / USD pair. It seems that buyers are probably close to $ 0.3280 and to the downtrend line. If they do, the resistance of the previous range at $ 0.3350 can be a solid barrier. An intermediate resistance is $ 0.3320 and the simple 100-hour moving average. Above the 100-hour SMA and the resistance of $ 0.3350, the price could test the resistance of $ 0.3460.
Looking at the chart, the price of ripple is trading in a strong downtrend below $ 0.3300 and $ 0.3350. Once the current fix is complete, the price may return to decline below $ 0.3100 and $ 0.3050.
Technical indicators
MACD schedule – The MACD for XRP / USD is slowly moving into the bullish zone, but the positives may be limited.
RNA timetable (relative strength index) – The RSI for XRP / USD has risen above level 40, but is in difficulty close to 50.
Main support level: $ 0.3100
Main resistance level: $ 0.3280
