Ripple price failed once again to stay above the $0.3400 resistance and declined against the US dollar.
Ripple price declined heavily and settled below key supports against the US Dollar and bitcoin. XRP/USD is trading in a negative zone and it could continue to decline below $0.2950.
- There was a break below a triangle with support at 0.3350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair broke the 0.3200 and 0.3140 support levels to enter a bearish zone.
- The price could correct higher in the short term, but upsides are likely to be capped.
Ripple Price Analysis
Recently, ripple price gained bullish momentum after it broke the $0.3200 resistance against the US Dollar. The XRP/USD pair broke the $0.3300 and $0.3350 resistance levels. It even traded above the $0.3400 level, but buyers failed to capitalize. The pair topped near the $0.3420 level and later started a downside move. The decline was sharp as there was a break below the $0.3400 and $0.3200 support levels.
To initiate the decline, there was a break below a triangle with support at 0.3350 on the hourly chart of the XRP/USD pair. Sellers gained momentum and there was a close below the $0.3200 support and the 100 hourly simple moving average. Finally, there was a break below the $0.3000 support and the price traded as low as $0.2942. At the moment, the pair is correcting higher and traded near the $0.3000 level. There is also a declining channel in place with resistance near $0.3000 on the same chart. Should ripple break higher, it could revisit the $0.3050 zone. It coincides with the 23.6% Fib retracement level of the recent drop from the $0.3418 high to $0.2942 low.
To the upside, there are many hurdles for buyers near the $0.3140 level. The $0.3140 and $0.3150 levels acted as a support earlier and now they could prevent gains. Besides, the 50% Fib retracement level of the recent drop from the $0.3418 high to $0.2942 low is also near the $0.3180 level.
Looking at the chart, ripple price moved into a bearish zone below the $0.3200 and $0.3140 support levels. In the short term, there could be a minor correction above $0.3000 and $0.3020, but upsides are likely to remain contained. On the downside, an initial support is near the $0.2940 level, below which there is a risk of more losses below $0.2900.
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting higher towards the 40 level.
Major Support Levels – $0.2950, $0.2940 and $0.2900.
Major Resistance Levels – $0.3050, $0.3140 and $0.3150.
- Source: First Appeared Here
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