Undulation price analysis: XRP / USD correction towards support of $ 0.3200

Main highlights

  • The price of ripple is falling slowly and is currently trading below the support of $ 0.3400 against the US dollar.
  • C & # 39; is a declining key channel with resistance at $ 0.3360 on the hourly chart of the XRP / USD pair (source data from Kraken).
  • The pair could perhaps continue to correct down and could test the $ 0.3200 support.

The price of the ripple is slightly under pressure against the US dollar and Bitcoin. The XRP / USD could revisit the support from $ 0.3200 before rising higher

Rejection of the decline

Yesterday we discussed a downward move below $ 0.3400 in the price of Ripple compared to the US dollar. The XRP / USD pair declined slowly and steadily from $ 0.3530 in swing. The decline was such that the price stabilized below the $ 0.3400 support and the 100-hour moving average. In addition, the Fibre retracement level recently stopped at 61.8% of the last upward shift from the low of $ 0.3225 to $ 0.3530.

It appears that the price may even fluctuate below the $ 0.3300 support area in the short term. More importantly, there is a declining key channel with resistance at $ 0.3360 on the hourly chart of the XRP / USD pair. An initial support is close to the $ 0.3290 level. It coincides with the Fib retracement level 76.4% of the last move up from $ 0.3225 oscillating low to $ 0.3530 high. Therefore, a break below $ 0.3290 is likely to open the doors for a push towards the last low swing at $ 0.3255.

 XRP Corrugation Price Analysis USD

Looking at the chart, the price of the ripple is clearly under pressure of less than $ 0.3380 and SMA at 100 hours. If the price manages to break the resistance of the channel and $ 0.3380, it could go back over $ 0.3400. On the other hand, a break below $ 0.3300 clears the path for further losses.

Looking at the technical indicators:

MACD timetable – The MACD for XRP / USD is now back in the bearish zone.

RSI Time (Relative Strength Index) – The RSI for XRP / USD is well below the level 45.

Major Support Level – $ 0 , 3290

Main resistance level – $ 0.3360

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