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- The ripple price dropped near the $ 0.3370 level and fell below the $ 0.3250 support against the US dollar.
- The price hit a new weekly low of $ 0.3134 and is likely to suffer more short-term losses.
- A major downtrend line has formed with close USD 0.3285 resistance on the XRP / USD time chart (Kraken data source).
- The pair could extend the current decline and could even revisit the key support area at $ 0.3000.
The purchase price has not managed to gain strength against the US dollar and Bitcoin. The XRP has dropped below 0.3220 USD and could continue down to 0.3000 USD before completing a correction.
Ripple price badysis
Yesterday we saw a strong buy interest above $ 0.3200 and a price recovery above $ 0.3280 against the US dollar. The XRP / USD pair even crossed the $ 0.3350 level, but failed to clear the $ 0.3370 level. It seems that the price has struggled to establish above the $ 0.3350 level and the simple moving average at 100 hours. As a result, there was a further decline below $ 0.3280 and $ 0.3250. The price even exceeded support levels of 0.3220 USD and 0.3200 USD. A new weekly minimum was set at $ 0.3134 and the price is well below the simple moving average of 100 hours.
For now, the price corrects higher than $ 0.3150. It has exceeded the Fib retracement level by 23.6% from the recent record low of 0.3326 USD to 0.3134 USD. However, there is a lot of resistance going up, starting with $ 0.3220 and $ 0.3230. The Fib 50% retracement level of the recent decline from the low of $ 0.3326 to $ 0.3134 is also close to $ 0.3230. Above $ 0.3230, the 100-hour ADM could prevent gains in excess of $ 0.3250. There is also a major downtrend line with resistance close to $ 0.3285 on the XRP / USD time chart.
As a result, the price is expected to be between $ 0.3250 and $ 0.3280 in the near term. If the bulls do not exceed the trend line and $ 0.3300, there is a chance for a further decline. Initial support is close to the latest low of 0.3130 USD, below which the price may fall back to 0.300 USD. However, the main support is at $ 0.3000, where buyers are likely to show up.
Looking at the chart, the rising price shows bearish signs below the $ 0.3250 and $ 0.3280 levels. A close break and close above $ 0.3300 is needed for a short-term uptrend.
Technical indicators
Hourly MACD – The MACD for XRP / USD could return to the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD has recently recovered from 25 to 40 and is currently at 40.
Main support levels – $ 0.3130, $ 0.3100 and $ 0.3000.
Main resistance levels – 0.3250 USD, 0.3280 USD and 0.3300 USD.
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