- Ripple price started a downside correction and traded below the $ 0.3050 support against the US dollar.
- There is a major declining channel in place with resistance near $ 0.3040 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is under pressure and it seems to be approaching the key $ 0.2915 support area.
Ripple price corrected most its gains against the US Dollar and Bitcoin. XRP/USD settled below $ 0.3050 and it could extend the current correction towards the $ 0.2915 support area.
Ripple Price Analysis
Recently, ripple price started a downside correction after trading as high as $ 0.3200 against the US Dollar. The XRP/USD pair traded below the $ 0.3100 and $ 0.3050 support levels. Sellers pushed the price below the $ 0.3000 support and the 100 hourly simple moving average. Besides, there was a break below the 61.8% Fib retracement level of the last leg from the $ 0.2865 low to $ 0.3200 high. It seems like the price trimmed most of its recent gains and it could extend the decline to $ 0.2915 in the near term.
It traded as low as $ 0.2939 recently and it is currently correcting higher. An initial resistance is near the $ 0.3000 level and the 100 hourly SMA. Besides, the 50% Fib retracement level of the recent drop from the $ 0.3077 high to $ 0.2939 low is also near $ 0.3000. Above this, the price could struggle near the $ 0.3025 level. The main resistance is near $ 0.3050 and the 76.4% Fib retracement level of the recent drop from the $ 0.3077 high to $ 0.2939 low. Finally, there is a major declining channel in place with resistance near $ 0.3040 on the hourly chart of the XRP/USD pair.
Looking at the chart, ripple price is clearly following a declining pattern from the $ 0.3200 swing high. The price could remain under pressure and it may even slide towards the $ 0.2915 support. To recover, the price must break the $ 0.3000 and $ 0.3050 resistance levels.
Hourly MACD – The MACD for XRP/USD is currently placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD moved below the 40 level, with a bearish angle.
Major Support Level – $ 0.2915
Major Resistance Level – $ 0.3050