- The price of the waves extended losses and broke the support zone by $ 0.2500 against the US dollar.
- There are two bearish trend lines with resistance at $ 0.2650 and $ 0.2750 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair suffers a lot of pressure and remains on sale in rallies near the $ 0.2750 level.
The price of the ripple is clearly lower against the US dollar and Bitcoin. The XRP / USD could correct higher, but is facing greater resistance around $ 0.2750.
Resistance to the price of ripple
There was no significant recovery above the $ 0.2800 level in the price of Ripple recently against the US dollar. The XRP / USD pair remained in a bearish zone and extended losses below the levels of $ 0.2600 and $ 0.2500. A new weekly low was formed near the $ 0.2492 level before there was an upward correction. The price has moved above the fiber retracement level of 23.6% of the last slide from a minimum of $ 0.2890 to a minimum of $ 0.2490.
However, the price did not go beyond the resistance of $ 0.2650, which was previously a support. In addition, no fiber retracement test of 50% of the last slide was made from the minimum of $ 0.2890 to the minimum of $ 0.2490. More importantly, there are two downtrend lines in place with resistance at $ 0.2650 and $ 0.2750 on the hourly chart of the XRP / USD pair. Therefore, if the price continues to move higher, it may face strong resistance near the resistance of $ 0.2750 and the 100-hour moving average.
Looking at the chart, the ripple price remains in a downtrend below $ 0.2750. On the downside, a break below the $ 0.2450 support could trigger heavy bending. The next targets for sellers could be close to the $ 0.2400 short-term support
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slowly moving into the bullish zone.
RSI time (relative strength index) – The RSI for XRP / USD is currently near level 50.
Main support level – $ 0 , 2500
Main resistance level – $ 0.2750