Ripple Price (XRP) Could Underperform: Recovery Could Face Hurdles
Ripple price declined heavily below the $0.3800 and $0.3500 support levels against the US dollar.
The price even traded close to the $0.3000 support level and it is currently correcting higher.
There is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could correct higher, but upsides are likely to remain capped near $0.3460.
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Ripple price is currently under a lot of pressure against the US Dollar and bitcoin. XRP price might recover towards the $0.3460 level, but later it could resume its slide.
Ripple Price Analysis
Recently, there was a sharp decline in bitcoin, Ethereum and ripple against the US Dollar. XRP/USD declined heavily below the $0.3800 and $0.3500 support levels. It opened the doors for more losses below the $0.3460 support level. Moreover, the price even broke the $0.3200 support and the 100 hourly simple moving average. Finally, the price traded close to the $0.3000 level and a new monthly low was formed near the $0.3035.
Recently, there was an upside correction above the $0.3150 and $0.3200 levels. The price climbed above the 50% Fib retracement level of the recent decline from the $0.3626 high to $0.3035 low. However, the upward move was capped by the $0.3400 level. Besides, there is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair.
The 61.8% Fib retracement level of the recent decline from the $0.3626 high to $0.3035 low also acted as a hurdle recently. It seems like ripple price might correct higher above the $0.3320 resistance area. However, the bulls are likely to face a strong resistance near the $0.3400 or $0.3460 level. The main resistance on the upside is near the $0.3750 level and the 100 hourly simple moving average.
On the other hand, if the price fails to correct above $0.3400 or $0.3460, there could be a fresh decline. An immediate support is near the $0.3180 level. If there is a downside break below $0.3180, the price is likely to revisit the $0.3030 or $0.3000 level.
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Looking at the chart, ripple price is currently consolidating losses above the $0.3200 level. It may correct higher above $0.3320 or $0.3350. Having said that, the bulls are likely to struggle and the price could resume it slide if there is no successful break above the $0.4460 resistance area.
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently, but failed near the 40 level.
Major Support Levels – $0.3200, $0.3180 and $0.3030.
Major Resistance Levels – $0.3320, $0.3400 and $0.3460.
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