Ripple Price Analysis: XRP/USD Sights Downside Break
- Ripple price declined from the $0.5600 swing high with bearish moves against the US dollar.
- There is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may perhaps decline further and it could break the $0.5200 support for more losses in the near term.
Ripple price is trading with a negative bias against the US Dollar and Bitcoin. XRP/USD could extend declines if there is a break below the $0.5200 support.
Ripple Price Support
There was a recovery wave initiated in Ripple price above the $0.5200 level against the US Dollar. The price moved above the $0.5400 and $0.5500 resistance levels. However, the upside move was capped by the $0.5650 zone where sellers appeared. A high was formed at $0.5681 before the price started a downside move. It declined and broke the $0.5500 support area. There was also a break below the 50% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high.
The decline was such that the price settled below the $0.5400 level and the 100 hourly simple moving average. At the moment, the price is testing the 76.4% Fib retracement level of the last leg from the $0.5030 low to $0.5681 high. The $0.5200 support area holds a lot of importance for the next move in the near term. Should there be a bearish break below $0.5200, the price could drop back towards the $0.5000 level in the near term. On the upside, there is a key bearish trend line in place with resistance near $0.5300 on the hourly chart of the XRP/USD pair.
Looking at the chart, the price remains at a risk of more losses below $0.5200 as long as it is below $0.5400.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is still in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is way below the 50 level.
Major Support Level – $0.5200
Major Resistance Level – $0.5400
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