- Ripple price extended its decline and traded towards the $0.2520 level against the US dollar.
- The price is currently correcting higher, but it is facing resistance near the $0.2570-$0.2580 area.
- There is a key bearish trend line forming with resistance near $0.2565 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains at a risk of more downsides if it fails to stay above the $0.2520 and $0.2500 supports.
Ripple price is trading in a bearish zone against the US Dollar and bitcoin. XRP price could bounce back if it stays above the $0.2520 support area in the near term.
Ripple Price Analysis
Yesterday, we saw a fresh drop in XRP price from the $0.2650 resistance against the US Dollar. The price mostly followed a bearish path below the $0.2620 and $0.2600 levels. Moreover, there was a close below the $0.2600 level and the 100 hourly simple moving average. Ripple extended its decline below the $0.2580 level and traded close to the $0.2520 level.
A swing low was formed near $0.2527 and the price is currently correcting higher. It traded above the $0.2550 level plus the 23.6% Fib retracement level of the recent decline from the $0.2672 high to $0.2527 low. Moreover, there is a key bearish trend line forming with resistance near $0.2565 on the hourly chart of the XRP/USD pair. Above the trend line, the next resistance is near the $0.2590 level and the 100 hourly SMA.
Finally, the 50% Fib retracement level of the recent decline from the $0.2672 high to $0.2527 low is near the $0.2600 level to act as a resistance. The main resistance for the bulls is near the $0.2650 level, above which there are chances of a solid upward move in the coming days. In the mentioned case, ripple could surge towards the $0.2800 and $0.2820 levels.
Conversely, if the price continues to struggle below $0.2600 and $0.2650, there could be additional losses. An immediate support is near the $0.2520 and $0.2500 levels. Below $0.2500, the price could tumble sharply towards the $0.2400 level in the near term.
Looking at the chart, ripple price is slowly recovering above the $0.2550 level. However, the bulls are likely to face selling interest near the $0.2580 and $0.2600 levels. As long as the price is trading below $0.2600 and $0.2650, the price could extend its decline towards or below $0.2500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is below the 50 level.
Major Support Levels – $0.2540, $0.2520 and $0.2500.
Major Resistance Levels – $0.2580, $0.2600 and $0.2650.
