- The price of the waves extended losses and traded below the support level of $ 0.3000 against the US dollar.
- C & # 39; is a bearish trend line that forms with resistance near the $ 0.3040 level on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains at risk of further losses of less than $ 0.2900 and $ 0.2800 of support in the near term.
The price of ripple is laboriously rebounding against the US dollar and Bitcoin. The XRP / USD could extend the declines to below $ 0.2800 and could possibly test $ 0.2600.
Resistance to the price of ripple
Last week there were a sharp fall in the price of Ripple below the support area of $ 0.3200 compared to the US dollar. The XRP / USD pair even broke the $ 0.3000 support and sold off to a new monthly low of $ 0.2873. Later, the price set a bullish correction above $ 0.2900 and recovered above $ 0.3000. There was a break above the 23.6% retracement level of Fib of the last decline from the low of $ 0.3503 to $ 0.2873 minimum.
However, the recovery found sellers close to the $ 0.3150 level. Furthermore, the 38.2% Fibra retracement level of the last decline from $ 0.3503 up to $ 0.2873 prevented low gains. The price failed to exceed $ 0.3150 and $ 0.3200, resulting in a new turnaround. In addition, there is a bearish trend line formed with resistance close to the $ 0.3040 level on the hourly chart of the XRP / USD pair. The pair is following the bearish trend line and is trading below $ 0.3000. If it can not exceed the levels of $ 0.3000 and $ 0.3050, it could extend the current decline.
Looking at the chart, the price of ripple remains at risk of further losses below $ 0.2800. In the event of an outage below $ 0.2800, the price may possibly fall further towards the $ 0.2600 level.
Looking at the technical indicators:
MACD timetable – MACD for XRP / USD is mostly located in the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is struggling to break the 50th level.
Main Support Level – $ 0, 2800
Main resistance level – $ 0.3150