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Key points
- The price of the ripple was traded more recently and broke the media from $ 0.3550 and $ 0.3440 against the US dollar.
- There is a downtrend line formed with resistance at $ 0.3560 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair may correct some points in the short run, but may face sellers close to $ 0.3550 and $ 0.3600.
The price of the ripple has prolonged the recent decline against the US dollar and bitcoin. The XRP / USD is now in a bearish zone and may fall further towards the $ 0.3100 level.
Price analysis of undulations
After struggling to cancel the $ 0.4000 resistance, the ripple price started a bearish move against the US dollar. The XRP / USD pair declined heavily and broke support levels of $ 0.3800 and $ 0.3550. There was also a closing below the $ 0.3600 level and a simple 100-hour moving average. Finally, the price broke the support of $ 0.3440 and traded at $ 0.3289. The price is currently consolidating losses and could correct some points towards $ 0.3550.
An initial resistance approaches the Fib retracement level of 23.6% from the recent decline from the low of $ 0.3952 to $ 0.3289 minimum. There is also a large bearish trend line formed with resistance at $ 0.3560 on the hourly chart of the XRP / USD pair. The trend line approaches the 50% Fibra retracement level of the recent decline from $ 0.3952 to $ 0.3289 minimum. Therefore, if the price corrects higher, it may encounter strong resistance near resistance levels of $ 0.3440 or $ 0.3550. On the downside, the recent low is short-term support at $ 0.3280 followed by $ 0.3250.
Looking at the chart, the price of the ripple has clearly shifted into a downward zone below $ 0.3600 and the simple moving average over 100 hours. Any upward correction is likely to face obstacles close to $ 0.3550.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is positioned in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now well below the level 40.
Main support level: $ 0.3280
Main resistance level: $ 0.3550
