Key Highlights
- Ripple price fell heavily and broke the .3200 and .3000 support levels against the US dollar.
- There is a major bearish trend line in place with resistance at .3200 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains in a major downtrend and recoveries remain capped near .3100 and .3200.
Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may recover in the short term, but upsides remain capped near .3200.
Ripple Price Analysis
The past few hours were very bearish as ripple price traded below the .3300 and .3200 supports against the US Dollar. The XRP/USD pair even broke the .3000 support and it is currently well below the 100 hourly simple moving average. The decline was such that buyers failed to hold the .2950 support. A new monthly low was formed at .2883 and the price is currently consolidating losses.
An initial resistance is near the 23.6% Fib retracement level of the recent slide from the .3398 high to .2883 low. However, the main hurdles for buyers are near the .3050 and .3150 levels. There is also a major bearish trend line in place with resistance at .3200 on the hourly chart of the XRP/USD pair. An intermediate resistance is near the .3140 level. It coincides with the 50% Fib retracement level of the recent slide from the .3398 high to .2883 low. The overall price action is negative and any recovery from the current levels may face sellers near .3100 or.3200.
Looking at the chart, ripple price is clearly struggling below the .3200 level and the 100 hourly SMA. If there is a downside break below .2880, the price could slide towards the .2600 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still in the oversold levels.
Major Support Level – .2880
Major Resistance Level – .3200
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