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- The upward price was corrected upwards, but it did not exceed $ 0.2900 and $ 0.2920 against the US dollar.
- The key bearish trend line highlighted yesterday is intact with a resistance close to USD 0.2890 on the hourly chart of the XRP / USD pair (Kraken data source).
- The pair must break the resistance levels of $ 0.2900 and $ 0.2920 to launch a bullish movement in the short term.
The purchase price is trading in a bearish zone at a negative angle to the US dollar and Bitcoin. XRP / USD could continue to fall and could even break the support level to $ 0.2850.
Ripple price badysis
After reaching as low as $ 0.2850, Ripple began a slight upward correction against the US dollar. The XRP / USD pair is traded above the resistance levels of $ 0.2860 and $ 0.2880. It also rose above the Fib retracement level of 23.6% from the recent decline, dropping from $ 0.2987 to $ 0.2849. However, there was strong rejection near the resistance levels of $ 0.2910 and $ 0.2920. The price did not even manage to test the pivot level of 0.2930 USD and then traded in a narrow range. More importantly, it has slowly been trading down and has established below $ 0.2900 plus the simple moving average of 100 hours.
In contrast, many barriers are around the $ 0.2900 and $ 0.2920 levels. In addition, the key bearish trend line highlighted yesterday is intact with a resistance close to 0.2890 USD on the XRP / USD time chart. The level of Fib 50% retracement from the recent low of $ 0.2987 to $ 0.2849 is also close to $ 0.2918. Therefore, the price should be struggling at resistance levels close to $ 0.2900 and $ 0.2920. On the downside, the initial support is 0.2850 USD, below which there is a risk of falling to 0.2800 USD.
Looking at the chart, the benchmark price is clearly in a bearish zone below $ 0.2920. As long as the price is below the $ 0.2930 pivot, sellers stay in action. They could soon push the price below $ 0.2850 and $ 0.2820 in the short term.
Technical indicators
Hourly MACD – The MACD for XRP / USD is progressing slowly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD fell below the 50 and 45 levels, with bearish signs.
Major Support Level – $ 0.2850
Major resistance level – $ 0.2920
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