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Main highlights
- The price of undulations declined steadily and broke the support area of $ 0.3350 against the US dollar
- The main declining channel highlighted yesterday resisted $ 0 , 3340 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to extend the current decline to $ 0.3260 and $ 0.3220 in the near term.
The price of the ripple is traded lower than the US dollar and Bitcoin. The XRP / USD may fall further as long as the price is less than the resistance of $ 0.3400.
Resistance to the price of undulations
In the last two analyzes, we discussed a steady decline towards $ 0.3200 in the price of Ripple compared to the US dollar. The XRP / USD pair remained in a bearish zone and the pair recently broke support levels of $ 0.3400 and $ 0.3350. There was also a break below the Fib retracement level of 76.4% from the last stage from $ 0.3273 low to $ 0.3530 high. Now it trades well below the resistance of $ 0.3400 and the 100-hour moving average.
It appears that the price can soon test the last low swing of $ 0.3273 in the short term. Below this, the next support is close to the $ 0.3220 level. In addition, the price could also test the 1.236 Fib extension level of the last leg from $ 0.3273 down to $ 0.3530 up to $ 0.3213. Finally, the most important support is aligned near the $ 0.3200 level. On the upside, an initial resistance is close to the $ 0.3320 level. In addition, the main declining channel highlighted yesterday is intact with resistance at $ 0.3340 on the hourly chart of the XRP / USD pair. Above the channel resistance, the next obstacle for buyers is close to $ 0.3380 and 100 SMA per hour.
Looking at the chart, the price of ripple is expected to further decrease towards the $ 0.3270 and 0.3220 levels in the short term as long as it is less than $ 0.3400 .
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is currently in the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is below level 40.
Major Support Level – $ 0.3220 [19659015] Main resistance level – $ 0.3380
