Ripple Price Analysis: XRP/USD Could Break $0.2650 Support
Ripple price corrected higher recently, but it failed to break the $0.2900 resistance against the US dollar.
There is a key bearish trend line in place with resistance at $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently moving lower and it remains at a risk of more losses below the $0.2650 support.
Ripple price is declining once again against the US Dollar and Bitcoin. XRP/USD could even break the $0.2650 support to test the $0.2500 level in the near term.
Ripple Price Resistance
Recently, Ripple price retested the $0.2650-80 support area against the US Dollar. The XRP/USD pair found a strong buying interest and later started an upward move above the $0.2750 level. The price even broke the $0.2800 resistance and the 50% fib retracement level of the last decline from the $0.3044 high to $0.2685 swing low.
However, the upside move was capped by the $0.2900 resistance and the 100 hourly simple moving average. Furthermore, the price failed to clear the 61.8% fib retracement level of the last decline from the $0.3044 high to $0.2685 swing low. More importantly, there is a key bearish trend line in place with resistance at $0.2850 on the hourly chart of the XRP/USD pair. The pair was clearly rejected and it is currently moving lower towards the last swing low at $0.2680. It seems like sellers could make an attempt to clear the $0.2680 and $0.2650 levels. If they succeed, the price might drop back towards the $0.2500 support zone.
Looking at the chart, ripple price is trading in a bearish zone below the $0.2900 and $0.3000 resistance levels. If buyers need to gain traction, they have to push the price past $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.
Major Support Level – $0.2680
Major Resistance Level – $0.2900
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