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- The wave price is under pressure and has recently crossed the support level of 0.2980 USD against the US dollar.
- A major downtrend curve was formed with a resistance close to 0.2980 USD on the hourly chart of the XRP / USD pair (Kraken data source).
- Parity could accelerate losses if the decline was below support at $ 0.2940 in the near term.
The price went up again and broke key supports against the US dollar and Bitcoin. The XRP / USD is currently exposed to a downside risk below the brackets at $ 0.2940 and $ 0.2920.
Ripple price badysis
Yesterday, we witnessed a downward reaction to purchase prices, below the support level of 0.3110 USD against the US dollar. The XRP / USD pair fell below support levels of 0.3050 and 0.3000 USD to enter a bearish zone. Later, the price even exceeded the support of $ 0.2980 and the simple moving average every 100 hours. It tested the support zone at 0.2940 USD and then launched a correction in the short term. He recovered above the resistance of $ 0.2980 and the level of $ 0.3000. There was a break above the Fib retracement level of 23.6% from the recent decline in the maximum of $ 0.3110 to $ 0.2940.
However, the price failed to gain ground above the 0.3000 and 0.3020 dollar levels. There was no Fib retracement level test of 50% of the recent decline in the maximum of $ 0.3110 to $ 0.2940. The price remained well below the resistance of $ 0.3025 and the simple moving average at 100 hours. In addition, there is a major downtrend line with resistance close to $ 0.2980 on the hourly chart of the XRP / USD pair. To start a decent recovery, the price must break the trend line, 0.3000 USD, as well as the ADM at 100 hours. The next key resistances are around 0.3025 and 0.3045 dollars.
Looking at the chart, the price of ripple is currently trading near a crucial support at $ 0.2940. In the event of a decline, the price could accelerate losses below the levels of $ 0.2920 and $ 0.2900 in the short term.
Technical indicators
Hourly MACD – The MACD for XRP / USD is currently gaining ground in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is struggling to recover above level 40.
Major Support Level – $ 0.2940
Major resistance level – $ 0.3025
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