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Main highlights
- The price of undulations declined further and broke the support of $ 0.2650 against the US dollar
- The bearish trend line highlighted yesterday has a resistance of $ 0.2800 on the chart time of the XRP / USD pair (source data from Kraken).
- The pair may correct some points, but it is likely to cope with sellers near the $ 0.2800 and $ 0.2820 levels.
The price of undulation remains in a bearish zone compared to the US dollar and Bitcoin. The XRP / USD is likely to expand below $ 0.2600 if sellers remain in stock.
Rejection of price decline
Yesterday we discussed that the price of Ripple could break the support area by $ 0.2650 compared to the US dollar. The XRP / USD pair lowered and broke support levels of $ 0.2700 and $ 0.2650. A new weekly minimum was formed at $ 0.2599 and thereafter the price was corrected higher. It has moved above the fiber retracement level of 23.6% from the recent decline from $ 0.2899 upwards to $ 0.2599 below.
However, the upward move remains limited around the $ 0.2750 level. It is the 50% retracement level of the recent decline from $ 0.2899 to $ 0.2599 low. More importantly, the main downtrend line highlighted yesterday is active with resistance at $ 0.2800 on the hourly chart of the XRP / USD pair. The resistance of the trend line is also close to the simple 100-hour moving average at $ 0.2820. Therefore, if the price corrects above $ 0.2750, it will likely cope with sellers near the $ 0.2800 and $ 0.2820 levels. On the downside, a break below the $ 0.2600 zone could open the door to a push towards the $ 0.2500 support.
Looking at the chart, the price of the ripple remains negative area under $ 0.2820. Sellers are likely to remain in stock until there is a closing above $ 0.2850 and SMA at 100 hours.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is slightly positioned in the bullish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is currently below level 50.
Major Support Level – $ 0, 2600
Main resistance level – $ 0.2800
