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Main highlights
- The price of the swings declined sharply and broke the $ 0.3200 and $ 0.3000 of support against the US dollar.
- The declining channel followed this week was surpassed with support close to $ 0.3230 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair also broke the support area by $ 0.2800 and traded near the $ 0.2600 level.
The price of ripple has fallen heavily compared to the US dollar and Bitcoin. The XRP / USD is running higher, but the increases could be limited to about $ 0.3000.
Decline of decline
Recently, we were waiting for a downward correction towards the $ 0.3200 level in Ripple's price against the US dollar. The XRP / USD was traded lower and tested the $ 0.3200 support area. However, it appears that buyers have failed to maintain the support of $ 0.3200, which results in further decreases. There was a strong downward movement and the price fell more than 15% below the $ 0.3000 level.
During the decline, the declining channel followed by this week was surpassed with support close to $ 0.3230 on the hourly chart of the XRP / USD pair. The pair even broke the $ 0.2800 support and settled below the simple 100-hour moving average. It traded at $ 0.2672 and currently corrects higher. It exceeded the fiber retracement level of 23.6% from the last decline, from $ 0.3397 to $ 0.2672 minimum. However, there are many upside obstacles near the levels of $ 0.2900 and $ 0.3000. Over $ 0.3000, the price could test the 50% retracement level of the last decline, from $ 0.3397 to $ 0.2672 to $ 0.3034.
Looking at the chart, ripple the price is under a lot of pressure under $ 0.3000. Recoveries from current levels are likely to face sellers close to $ 0.2900 and $ 0.3000. On the downside, the next major support is close to the $ 0.2500 level.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is currently reducing its downward slope.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is well below the level 40.
Major Support Level – $ 0.2500 [19659008] Main resistance level – $ 0.3000
