Ripple Price (XRP) Back To Square One But Bitcoin Holding Gains
Ripple price struggled to continue higher and declined below the $0.3100 level against the US dollar.
The price is currently consolidating losses after it traded as low as $0.3038.
There are two key bearish trend lines forming with resistance near $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair remains at a risk of more downsides as long as there is no close above $0.3120.
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Ripple price is trading with a bearish below key supports against the US Dollar and bitcoin. XRP price might soon test the $0.3000 support level if the bears remain in action.
Ripple Price Analysis
After topping near the $0.3320 resistance, ripple price declined steadily against the US Dollar. Ethereum price also declined recently below the $220 support, but bitcoin price remained stable near $11,800. The XRP/USD pair is following a bearish path and it recently broke the $0.3200 and $0.3120 support levels. Moreover, there was a break below the $0.3080 support. Finally, the price settled below the 100 hourly simple moving average and a swing low was formed near $0.3038.
At the moment, the price is correcting higher towards the $0.3080 level. However, there are many resistances near the $0.3080 and $0.3100 levels. Moreover, the 23.6% Fib retracement level of the main decline from the $0.3317 high to $0.3038 low is also near $0.3104. More importantly, there are two key bearish trend lines forming with resistance near $0.3100 on the hourly chart of the XRP/USD pair.
Above the second trend line, the next resistance is near the $0.3120 level. However, the main resistances are near $0.3150, the 100 hourly SMA, and the $0.3180 level. Additionally, the 50% Fib retracement level of the main decline from the $0.3317 high to $0.3038 low is near the $0.3177 level to act as a resistance. Therefore, ripple bulls might struggle to push the price above the $0.3100 and $0.3120 resistance levels.
On the downside, the $0.3040 level is an immediate support. If there is a downside break below $0.3040, the price could test the $0.3000 support area. Any further losses may perhaps lead the price towards the $0.2920 support.
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Looking at the chart, ripple price is clearly trading in a bearish zone below the $0.3120 and $0.3150 resistance levels. Therefore, the price is likely to decline further below $0.3040 unless there is a successful break above the $0.3150 resistance area.
Hourly MACD – The MACD for XRP/USD is currently moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is likely to move above the 50 level.
Major Support Levels – $0.3080, $0.3100 and $0.3120.
Major Resistance Levels – $0.3040, $0.3000 and $0.2920.
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