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Key Points
- The price of ripple started a downward movement from the $ swing high of $ 0.3550 against the US dollar
- C & # 39; it was a break below a fundamental uptrend line with support at $ 0.3375 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair tested the support of $ 0.3120 and is currently at risk of further losses of less than $ 0.3100.
The price of ripple fell below the key supports against the US dollar and Bitcoin. The XRP / USD could correct higher, but in all probability it will face sellers close to $ 0.3350.
Resistance to the price of undulations
After trading a few points above $ 0.3500, Ripple's price faced sellers against the US dollar. The XRP / USD pair formed a short-term high near $ 0.3533 and then started a bearish move. The price has declined and broke support levels of $ 0.3400 and $ 0.3300. There was also a closing below the $ 0.3350 level and a simple 100-hour moving average.
During the decline, there was a break below a crucial uptrend line with support for $ 0.3375 on the hourly chart of the XRP / USD pair. A new intra-day low was formed at $ 0.3120 before the price found support. He is currently correcting higher and trading near the $ 0.3200 level. Initial resistance is the 23.6% retracement level of the last major decline from $ 0.3533 high to $ 0.3120 low. However, the most important resistance is close to $ 0.3350 and to 100-hour SMA. In addition, the 50% fiber retracement level of the last strong decline from $ 0.3533 high to $ 0.3120 low is also close to $ 0.3325 to act as resistance
Looking at the chart, ripple could correct higher towards $ 0.3300 and $ 0.3350, but sellers are likely to. On the downside, a break below $ 0.3120 could bring the price to $ 0.3000.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is moving heavily in the bearish zone.
RSI Time (Relative Strength Index) – The RSI for XRP / USD is now well below the 50 level.
Major Support Level – $ 0.3000
Main resistance level – $ 0.3350
