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- The wave price fell sharply after crossing the key support zone of 0.3500 USD against the US dollar.
- The price has broken down many declining racks such as $ 0.3440, $ 0.3350 and even $ 0.3250.
- A short-term downtrend line has been formed with close USD 0.3260 resistance on the XRP / USD time chart (Kraken data source).
- The pair is trading clearly in a bearish zone and the recovery could face sellers close to $ 0.3260 or $ 0.3320.
The wave price fell sharply below the key supports against the US dollar and Bitcoin. The XRP is likely to suffer further losses to the support level of $ 0.3150 or $ 0.3120.
Ripple price analysis
After a continued near-resistance weakness of $ 0.3700, the wave price began a bearish move against the US dollar. XRP / USD fell significantly below support levels of $ 0.3550 and $ 0.3480. There was even a fence under the $ 0.3400 bracket and the single moving average every hour. The sellers took control and pushed the price below the support level of 0.3320 USD. The decline was such that the price even exceeded the key support area at 0.3260-0.3250 USD.
A new weekly low was formed at $ 0.3182 and the price stabilized in a bearish zone. On the upside, initial resistance is around $ 0.3240 and the Fib retracement rate is 23.6% from the recent low of $ 0.3394 to $ 0.3182. There is also a short term downtrend line formed with close USD 0.3260 resistance on the XRP / USD time chart. The level of $ 0.3260 was a support before and it could now be a strong resistance for buyers.
Above $ 0.3260, the next key resistance is near the $ 0.3310 level. The Fib retracement level of 61.8% from the recent low of $ 0.3394 to $ 0.3182 is also close to the same zone. If there is a net break above the $ 0.3320 level, the price could rise to the $ 0.3440 level. On the other hand, if the breakout is less than 0.3180 USD, the support of 0.3150 USD, or even 0.3120 USD, could be tested.
Looking at the chart, the wave price sharply reduced its gains and broke close to $ 0.3320 and $ 0.3260. These are bearish signs, suggesting more losses of less than $ 0.3180 in the short term. However, the price should find a strong buying interest close to the support money at $ 0.3120 in future sessions (if it continues to fall).
Technical indicators
Hourly MACD – The MACD for XRP / USD is struggling to enter the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD has fallen sharply below 40 and is currently around 28.
Key support levels – $ 0.3180, $ 0.3150 and $ 0.3120.
Main resistance levels – $ 0.3260, $ 0.3280 and $ 0.3320.
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