Ripple Price (XRP) Holding Ground While Bitcoin Dived 15%

  • Ripple price failed to climb above the $ 0.3230 resistance and resumed decline against the US dollar.
  • The price broke the $ 0.3000 support level and traded to a new monthly low at $ 0.2835.
  • This week’s followed bearish trend line is active with resistance at $ 0.3075 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline below $ 0.2800 if it continues to struggle near $ 0.3075 and $ 0.3100.

Ripple price is holding an important support against the US Dollar, while bitcoin and Ethereum dived nearly 15%. XRP price could extend its decline if there is a break below the $ 0.2800 support.

Ripple Price Analysis

Yesterday, we saw a decent upside correction in ripple price above $ 0.3100 against the US Dollar. However, the XRP/USD pair struggled to gain momentum above the $ 0.3200 and $ 0.3230 resistance levels. The price topped near the $ 0.3230 level and remained well below the 100 hourly simple moving average. As a result, there was a fresh bearish reaction and the price declined below the $ 0.3150 and $ 0.3100 support levels.

More importantly, the recent significant decline bitcoin and Ethereum pushed ripple price below the $ 0.3000 support level. However, losses were limited and the price traded to a new monthly low at $ 0.2835. It even corrected higher above the $ 0.3000 level plus the 50% Fib retracement level of the recent decline from the $ 0.3237 high to $ 0.2835 low. The upward move was capped by the $ 0.3080 level.

The price failed to break the 61.8% Fib retracement level of the recent decline from the $ 0.3237 high to $ 0.2835 low. Moreover, this week’s followed bearish trend line is active with resistance at $ 0.3075 on the hourly chart of the XRP/USD pair. Therefore, the price might struggle to break the $ 0.3075 and $ 0.3100 resistance levels. If there is an upside break above $ 0.3100, the price could correct towards the $ 0.3200 level and the 100 hourly SMA.

On the other hand, if the price fails to break the $ 0.3100 resistance, it could slide again. An immediate support is near the $ 0.2900 level, below which the price may even break the recent low at $ 0.2835. The next important support is near the $ 0.2800 and $ 0.2780 levels.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is currently struggling to gain bullish momentum above $ 0.3000. Therefore, there is a risk of more losses below the $ 0.2900 and $ 0.2800 levels in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 40 level, with a bearish angle.

Major Support Levels – $ 0.2850, $ 0.2800 and $ 0.2780.

Major Resistance Levels – $ 0.3075, $ 0.3100 and $ 0.3200.

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