Key Highlights
- Ripple price remains in a bearish trend below the .00 handle against the US Dollar.
- There is a declining channel forming with current resistance at .90 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently in a declining mode and it could test the .70 support area in the near term.
Ripple price is struggling to recover against the US Dollar and Bitcoin. XRP/USD has to move above the .00 level to overcome the current selling pressure.
Ripple Price Resistance
After a minor correction above the .20 level, Ripple price struggled to move further higher against the US Dollar. The price failed to stay above the .00 support and made a downside move. It traded below the .9870 support as well key .9500 level. Moreover, there was a break below the 50% Fib retracement level of the last wave from the .5132 low to .4956 high.
There is clearly a lot of pressure on XRP and it seems like the price could decline further towards .70. At the moment, there is a declining channel forming with current resistance at .90 on the hourly chart of the XRP/USD pair. The pair is facing a lot of sellers and it could remain below .95-2.00 levels in the short term. On the downside, an initial support is around the 76.4% Fib retracement level of the last wave from the .5132 low to .4956 high.
It seems like the pair is poised to test the .70 level in the near term. On the upside, a break above the .00 level is must for more gains. Moreover, the 100 hourly simple moving average is at .05 to prevent upsides.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is moving slowly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.
Major Support Level – .70
Major Resistance Level – .00
Charts courtesy – Trading View, Kraken
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