Ripple (XRP) Price Remains Vulnerable Below $0.3050
- Ripple price struggled to gain bullish momentum and declined below $0.3000 against the US dollar.
- The price is currently trading below key supports and it could extend losses below $0.2940.
- There is a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses towards the $0.2900 and $0.2850 support levels.
Ripple price is currently in a declining mode against the US Dollar and bitcoin. XRP failed to hold gains and it could continue to move down towards the $0.2850 level.
Ripple Price Analysis
This past week, there were decent gains in ripple price above the $0.3050 level against the US Dollar. The XRP/USD pair traded above the $0.3100 level, but it failed to gain strength above the $0.3120 resistance. As a result, there was a fresh decline below the $0.3080 and $0.3050 support levels. The price recently broke the $0.3000 support, and the 76.4% Fib retracement level of the last wave from the $0.2949 high to $0.3125 high. It opened the doors for a break below the $0.2950 support level.
The price is currently trading with a bearish angle and below the $0.2960 and $0.2950 supports. If it extends losses, the next stop for the bears could be $0.2907 and $0.2900. The 1.236 Fib extension level of the last wave from the $0.2949 high to $0.3125 high is also near the $0.2907. Below $0.2900, there could be a sharp drop towards the key support near $0.2850. The 1.618 Fib extension level of the last wave from the $0.2949 high to $0.3125 high near $0.2840 may also act as a support.
On the upside, there is a strong resistance forming near $0.3000 and the 100 hourly simple moving average. There is also a short term bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair. The pair needs to clear the trend line, the $0.3000 barrier, and the 100 hourly SMA to start a decent upward move. The next key resistance above the $0.3000 level is near the $0.3050 level.
Looking at the chart, ripple price is clearly under pressure below the $0.3000 pivot level. Having said that, the $0.3050 level is also a strong resistance. Therefore, as long as the price is below $0.3000 and $0.3050, there is a risk of more losses in the near term.
Hourly MACD – The MACD for XRP/USD is currently placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD declined below the 40 level, with no major recovery sign.
Major Support Levels – $0.2920, $0.2900 and $0.2850.
Major Resistance Levels – $0.3000, $0.3020 and $0.3040.
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