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Main highlights
- The price of the ripple dropped significantly and broke the $ 0.2800 and $ 0.2600 against the US dollar
- The important bearish trend line Yesterday is intact with resistance near the $ 0.2950 level on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is currently running higher, but may face sellers close to $ 0.2700 and $ 0.2800.
The price of the ripple has fallen against the US dollar and Bitcoin. The XRP / USD may perhaps recover some points, but it is likely to make sellers close to $ 0.2800.
Declining price decline
Yesterday, we discussed that the price of Ripple could drop to the $ 0.2600 level against the US dollar. The XRP / USD pair failed to exceed the $ 0.2900 and $ 0.3000 resistance area, which caused a bearish wave. The price fell and not only broke the $ 0.2600 support, but also eliminated the $ 0.2500 support. A new monthly minimum stood at $ 0.2471 and the price is currently rising.
He is testing the 23.6% retracement level of Fibra's recent decline from $ 0.3088 upwards to $ 0.2471 below. Above $ 0.2650, the price could be traded towards resistance levels $ 0.2770 and $ 0.2800. Furthermore, the important bearish trend highlighted yesterday showed resistance near the $ 0.2950 level on the hourly chart of the XRP / USD pair. An intermediate hurdle is close to the 50% Fibra retracement level of the recent decline from the low of $ 03088 to $ 0.2471 minimum. Therefore, there are many resistors aligned between the levels of $ 0.2700 and $ 0.2850. Any recoveries to the $ 0.2800 level are likely to confront sellers.
Looking at the chart, the ripple price is clearly below $ 0.3000. On the downside, the $ 0.2500 level is a decent support, below which the price is likely to check the $ 0.2400 level in the short term
Looking at the technical indicators:
MACD Schedule – The MACD for XRP / USD is slowly reducing its downward slope
RSI timetable (relative strength index) – The RSI for XRP / USD is slowly correcting oversold levels.
Main support level – $ 0.2500
Main resistance level – $ 0.2800
