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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.
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
