Ripple Price Analysis: XRP Flirts With Key Resistance Amid Sell-off
Ripple price failed once again to break the $0.3200 resistance and declined sharply against the US dollar.
The price broke the key $0.3125 and $0.3100 support levels to move into a bearish zone.
There is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is currently correcting higher, but it is facing a solid hurdle near the $0.3100 pivot level.
Ripple price declined heavily and turned bearish against the US Dollar and bitcoin. XRP/USD may consolidate in the short term and upsides are likely to remain capped near $0.3100 and $0.3120.
Ripple Price Analysis
There was another attempt by ripple price to clear the $0.3200 resistance against the US Dollar. The XRP/USD pair failed to gain momentum, resulting in a sharp bearish reaction. The price started a significant decline and broke the $0.3150 and $0.3140 support levels. The decline was such that the price even broke the key $0.3100 support level and the 100 hourly simple moving average. A new weekly low was formed near the $0.3000 level before the price started an upside correction.
Buyers pushed the price above $0.3050 and the 23.6% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low. There was even a break above the $0.3080 resistance, but the price faced a strong resistance near the $0.3100 level. The stated $0.3100 level acted as a support earlier and now it is preventing gains. Besides, the 50% Fib retracement level of the last drop from the $0.3199 high to $0.3005 low is also near the $0.3100 resistance. More importantly, there is a major bearish trend line formed with resistance at $0.3110 on the hourly chart of the XRP/USD pair.
Therefore, the price is likely to face a strong selling interest near the $0.3100 level. The next key resistance is near the $0.3125 level since it coincides with the 100 hourly SMA. On the downside, an initial support is near the $0.3060, below which the price could revisit the $0.3000 support level.
Looking at the chart, ripple price moved into a bearish zone, with a close below $0.3100 and the 100 hourly SMA. In the short term, there could be range moves between $0.3060 and $0.3125 before the price makes the next move. On the downside, if buyers fail to defend the $0.3000 support, the price may slide towards the $0.2920 support.
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 45 level.
Major Support Levels – $0.3060, $0.3040 and $0.3000.
Major Resistance Levels – $0.3100, $0.3120 and $0.3125.
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