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Ripple began a new decline after failing to break out of the $ 0.6800 resistance against the US dollar. The XRP price shows bearish signals below the 100 hourly SMA and faces many obstacles.
- Ripple initiated a sharp downward correction from the $ 0.6800 resistance against the US dollar.
- The price is now trading below the $ 0.6250 support and the 100-hour simple moving average.
- There has been a break below a major uptrend line with support near $ 0.6460 on the XRP / USD hourly chart (source Kraken).
- The pair is likely to continue falling unless it breaks out of $ 0.6300 and the 100-hour SMA.
Ripple Price is facing obstacles
Recently, we have seen a strong bearish reaction in bitcoin, Ethereum and ripple against the US dollar. The XRP price broke the $ 0.6450 support zone to move into a short-term bearish zone.
The decline gained pace after a break below a major uptrend line with support near $ 0.6460 on the XRP / USD hourly chart occurred. The pair even traded below the $ 0.6300 level and the hourly moving average of 100.
There was a spike below the $ 0.6000 support, but the price remained stable above $ 0.5800. The recent swing low has formed near $ 0.5938 and the price is currently consolidating.
Source: XRPUSD on TradingView.com
An initial resistance is near the $ 0.6080 level. It is close to the 23.6% Fib retracement level of the downside move from the swing high of $ 0.6564 to the low of $ 0.5938. The first major resistance is near the $ 0.6200 level and the hourly simple moving average of 100.
The next resistance is near the $ 0.6250 level or the 50% Fib retracement level of the downward move from the swing high of $ 0.6564 to the low of $ 0.5938. A clear break above the $ 0.6250 and $ 0.6300 resistance levels could pave the way for further upside towards $ 0.6550 or $ 0.6640.
Key holders for XRP
If there isn’t a break to the upside of the ripple above $ 0.6300, there could be further losses. Initial bearish support is near the $ 0.6000 level.
The next key support is forming near the $ 0.5920 level, below which the price could revisit the main support of $ 0.5750. Any further losses could drive the price towards the $ 0.5200 level.
Technical indicators
MACD Hourly – The MACD for XRP / USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well below the 50 level.
Main support levels: $ 0.6000, $ 0.5920 and $ 0.5750.
Major resistance levels: $ 0.6250, $ 0.6300 and $ 0.6550.
