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- Buying prices faced strong resistance near the $ 0.3330 level and fell sharply against the US dollar.
- A major uptrend line is in place with support at $ 0.2920 on the XRP / USD time chart (Kraken data source).
- The pair could either go above the resistance of $ 0.3050, or extend the current decline below $ 0.2900.
The purchase price failed to maintain its gains and dropped sharply against the US dollar and Bitcoin. The XRP / USD remains exposed to the risk of further losses as long as it is below US $ 0.3050 and US $ 0.3120.
Ripple price badysis
Yesterday, we witnessed a sharp rise in buying prices, exceeding the resistance of 0.3200 USD against the US dollar. The XRP / USD pair even surpbaded the $ 0.3300 resistance and the single moving average every 100 hours. However, the price faced a strong resistance close to the $ 0.3330 level and then declined sharply. He broke down many supports, including $ 0.3300, $ 0.3250, $ 0.3150 and $ 0.3050. There was also a break below the Fib retracement level of 61.8% in the last round, from the lowest level of $ 0.2771 to $ 0.3338. In addition, the fence was below support of $ 0.3050 and ADM every 100 hours.
At the moment, the price is trading just above the brackets at $ 0.2900 and $ 0.2920. In addition, a major uptrend line is in place with support at $ 0.2920 on the hourly chart of the XRP / USD pair. The Fib retracement level of 76.4% from the last step, which went from $ 0.2771 to $ 0.3338, is also close to $ 0.2905. Therefore, if there is a break-down below $ 0.2920 and $ 0.2905, there could be a sharp decline. The next key support is $ 0.2800, below which the price can be tested at $ 0.2650. On the upside, the price must break the resistance of 0.3050 USD to avoid further losses.
Looking at the graph, the price of the ripples could either exceed the resistance of $ 0.3050 to $ 0.3120, or extend the current decline. A daily close of below $ 0.2900 could put a lot of pressure on short-term buyers.
Technical indicators
Hourly MACD – The MACD for XRP / USD shows some positive signs in the bullish zone.
RSI (Hourly Relative Strength Index) – The RSI for XRP / USD is currently well below level 50.
Major Support Level – $ 0.2905
Major resistance level – $ 0.3120
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