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Key points
- The price of ripple failed to recover above the resistance level of $ 0.3600 and fell against the US dollar.
- There is a downtrend line formed with resistance at $ 0.3550 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently at risk of falling down below support levels of $ 0.3400 and $ 0.3300.
The price of the ripple remains in a downward zone against the US dollar and Bitcoin. The XRP / USD could accelerate downturns if sellers push the price below $ 0.3400.
Price analysis of undulations
Yesterday we discussed a possible downward shift towards $ 0.3000 in ripple against the US dollar. The XRP / USD pair traded lower and broke the support level by $ 0.3500. The price tested the $ 0.3400 level and is currently consolidating losses. The current price action is downwards below $ 0.3600 and the simple 100-hour moving average. An initial resistance is close to the Fiber retracement level of 23.6% of the recent slide from $ 0.3753 to $ 0.3400 below.
On the upside, there are many barriers to buyers near the levels of $ 0.3550 and $ 0.3600. There is also a large bearish trend line formed with resistance at $ 0.3550 on the hourly chart of the XRP / USD pair. The trend line approaches the 50% Fibra retracement level of the recent slide from $ 0.3753 to $ 0.3400 below. Above the trendline, the next obstacle is close to the $ 0.3600 level and 100-hour SMA. Therefore, if the price corrects higher, it may find strong resistance near $ 0.3500 or $ 0.3600.
Looking at the chart, the ripple price is struggling to recover above $ 0.3600. If sellers remain in stock, the price could break the $ 0.3400 low. The next key support is at $ 0.3300, below which the price could test $ 0.3180.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is currently flat in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is now around level 35.
Main support level: $ 0.3400
Main resistance level: $ 0.3600
