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Key Points
- The price of the ripple was not able to remain above the support zone by $ 0.3500 and fell against the US dollar.
- C & # 39; is a new bearish trend line in place with resistance at $ 0.3300 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently at risk of falling down below the support level of $ 0.3100 in the short term.
The price of ripple is under pressure under the key supports against the US dollar and Bitcoin. The XRP / USD may fall sharply if there is a break below the support of $ 0.3100.
Support for price ripple
Yesterday, we saw a fairly good upward move above the $ 0.3400 level in Ripple's price against the US dollar. The pair XRP / USD traded towards the $ 0.3550 level where the sellers appeared. The price rose to $ 0.3541 and thereafter started a bearish move. He cut off most of yesterday's earnings and broke the $ 0.3400 support. There was also a closing below the $ 0.3300 level and the 100-hour moving average.
A new low amounted to $ 0.3092 before the price picked up the support. He is currently recovering above the $ 0.3100 level. It tested the Fib retracement level of 38.2% of the last decline, from $ 0.3541 upwards to $ 0.3092 below. On the upside, there is a new bearish trend line in place with resistance at $ 0.3300 on the hourly chart of the XRP / USD pair. Above the resistance of the trendline, the $ 0.3320 barrier is close to the 100-hour moving average. In addition, the 50% fiber retracement level of the last decline from the low of $ 0.3541 to $ 0.3092 is close to $ 0.3320.
Looking at the chart, the price of ripple could continue to address sellers near the levels of $ 0.3300 and $ 0.3320. If there is a bearish break, the price could break the $ 0.3100 level for further losses.
Looking at the technical indicators:
MACD timetable – MACD for XRP / USD is slowly moving into the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is now well below the 50 level.
Main support level – $ 0.3100
Main resistance level – $ 0.3350
