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Key points
- The price of ripple is struggling to break resistance levels of $ 0.3180 and $ 0.3240 against the US dollar.
- C & # 39; is a crucial bearish trend line formed with resistance at $ 0.3100 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair could continue to fall below support levels of $ 0.3000 and $ 0.2950.
The price of ripple is facing an uphill task against the US dollar and bitcoin. It is likely that the XRP / USD will once again fall below $ 0.3000 until it is less than $ 0.3100.
Price analysis of undulations
After forming a decent support base near $ 0.2860, the ripple price recovered some points against the US dollar. The XRP / USD pair traded above the resistance levels $ 0.2950 and $ 0.3000. The price even exceeded the Fib retracement level of 23.6% from the last decline, from a low of $ 0.3400 to $ 0.2860 minimum. However, the price suffered solid resistance near the $ 0.3180 level.
Buyers have struggled to push the price above the $ 0.3180 level and the simple 100-hour moving average. More importantly, there is a bearish trend line formed with resistance at $ 0.3100 on the hourly chart of the XRP / USD pair. The pair also failed near the 50% Fibra retracement level of the last decline from the low of $ 0.3400 to $ 0.2860 low. At the beginning, the price is trading below the trend line, $ 0.3100 and the SMA at 100 hours. Buyers need a positive closing above $ 0.3100, $ 0.3180 and the 100-hour SMA to gain bullish momentum. Otherwise, the price is likely to return to decline below $ 0.3000 and $ 0.2950.
Looking at the chart, the price of ripple seems to be facing a major obstacle close to $ 0.3100-0.3180. Therefore, sellers remain in stock and there is a high probability of a new decline of less than $ 0.3000.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is back in the bearish zone again.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is close to level 50.
Main support level: $ 0.3000
Main resistance level: $ 0.3180
