Key Highlights
- Ripple price declined sharply and broke the .65 and .62 support levels against the US dollar.
- There was a break below a major bullish trend line with support at .66 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may decline further if it fails to hold the .55 support area in the near term.
Ripple price crashed and broke many supports against the US Dollar and Bitcoin. XRP/USD could accelerate declines if buyers fail to defend .55.
Ripple Price Decline
During the past few hours, there was a sharp downside move from well above .68 in Ripple price against the US Dollar. The price broke down and cleared many supports on the way down such as .6500 and .6200. There was also a break below the .6000 handle, which opened the doors for more losses. The current price action is very bearish with a negative bias below the .6000 handle.
During the decline, there was a break below a major bullish trend line with support at .66 on the hourly chart of the XRP/USD pair. The pair declined and traded close to the .5500 level. A low was formed near the .5550 level where buyers emerged and protected further declines. At the moment, the price is correcting higher and is trading near .5650. An initial resistance is around the 23.6% Fib retracement level of the last decline from the .6792 high to .5551 low. Above this, the broken support near the .6000 handle may act as a resistance.
Looking at the chart, the price is clearly in a bearish zone below .6000. It may continue to move down if sellers remain in control below .5800. A break below the .5500 support may push the price towards .5000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 30 level.
Major Support Level – .5500
Major Resistance Level – .6000
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