[ad_1]
Key points
- The price of the ripple dropped heavily and broke support levels of $ 0.3200 and $ 0.3000 against the US dollar.
- There is a bearish trend line in place with resistance at $ 0.3200 on the hourly chart of the XRP / USD pair (data source from Kraken).
- The pair remains in an important downward trend and the recoveries remain closed at around $ 0.3100 and $ 0.3200.
The price of the ripple is subject to strong selling pressures against the US dollar and bitcoin. The XRP / USD could recover in the short term, but the rises remain closed at around $ 0.3200.
Price analysis of undulations
The last few hours were very bearish as the ripple price was trading below $ 0.3300 and $ 0.3200 compared to the US dollar. The XRP / USD has even broken support for $ 0.3000 and is currently well below the 100-hour simple moving average. The decline was such that buyers failed to maintain support of $ 0.2950. A new monthly minimum has been formed at $ 0.2883 and the price is currently consolidating losses.
An initial resistance is close to the Fiber retracement level of 23.6% of the recent slide from $ 0.3398 to $ 0.2883 low. However, the main barriers for buyers are close to the levels of $ 0.3050 and $ 0.3150. There is also a downtrend line in place with resistance at $ 0.3200 on the hourly chart of the XRP / USD pair. An intermediate resistance is close to the $ 0.3140 level. It coincides with the fiber retracement level at 50% of the recent slide from $ 0.3398 upwards to $ 0.2883 below. Global price action is negative and any recovery from current levels may encounter sellers close to $ 0.3100 or $ 0.3200.
Looking at the chart, the price of ripple is clearly in difficulty below the $ 0.3200 level and the 100-hour SMA. If there is a bearish break below $ 0.2880, the price could slip to the $ 0.2600 level.
Looking at the technical indicators:
MACD timetable – The MACD for XRP / USD is currently heavily placed in the bearish zone.
Now RSI (Relative Strength Index) – The RSI for XRP / USD is still in oversold levels.
Main support level: $ 0.2880
Main resistance level: $ 0.3200
Source connection
