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Main highlights
- The price of the exchange traded above the level of $ 0.3500 and then faced resistance near $ 0.3530 against the US dollar.
- There was a break below an uptrend line with support for $ 0.3380 on the hourly chart of the XRP / USD pair (source data from Kraken).
- The pair is currently under pressure and could revisit the $ 0.3200 short-term support area
. The price of the ripple is correcting recent gains against the US dollar and Bitcoin. The XRP / USD may continue to fall towards the $ 0.3200 support area.
Price ripple support
Last week, there was a fair upward move above the $ 0.3400 level against the US dollar. The XRP / USD was traded above the $ 0.3500 level before sellers appeared near the $ 0.3530 level. The price started a downward correction and moved below the $ 0.3500 support. It also zeroed the 50% fiber retracement level of the last wave from the low of $ 0.3227 to $ 0.3530.
In addition, there was a close below the $ 0.3400 level and the 100-hour moving average. More importantly, there was a break below a bullish trend line with support for $ 0.3380 on the hourly chart of the XRP / USD pair. The pair now trades below the $ 0.3380 level and it looks like it could continue to fall. The next important downside support is close to the $ 0.3200 level in which buyers are likely to appear. An intermediate support is $ 0.3300 and the Fib retracement level 76.4% of the last wave from $ 0.3227 low to $ 0.3530 high
Looking at the chart, the price of ripple is correcting earnings below the $ 0.3400 level. It could correct more in the short term, but fall by about $ 0.3300 and $ 0.3200 risk to find downwards buyers
Looking at the technical indicators:
MACD schedule – The MACD for XRP / USD is slowly moving into the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently well below the 50 level.
Major Support Level – $ 0.3200
Major Resistance Level – $ 0.3500
