Key Highlights
- Ripple price is struggling to break the .3180 and .3240 resistance levels against the US dollar.
- There is a crucial bearish trend line formed with resistance at .3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to move down below the .3000 and .2950 support levels.
Ripple price is facing an uphill task against the US Dollar and Bitcoin. XRP/USD is likely to decline once again below .3000 as long as it is below .3100.
Ripple Price Analysis
After forming a decent support base near .2860, ripple price recovered a few points against the US Dollar. The XRP/USD pair traded above the .2950 and .3000 resistance levels. The price even broke the 23.6% Fib retracement level of the last decline from the .3400 swing high to .2860 low. However, the price faced a solid resistance near the .3180 level.
Buyers struggled to push the price above the .3180 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line formed with resistance at .3100 on the hourly chart of the XRP/USD pair. The pair also failed near the 50% Fib retracement level of the last decline from the .3400 swing high to .2860 low. At the outset, the price is trading below the trend line, .3100, and the 100 hourly SMA. A successful close above .3100, .3180, and the 100 hourly SMA is needed for buyers to gain bullish momentum. If not, the price is likely to resume its decline below .3000 and .2950.
Looking at the chart, ripple price seems to be facing a major hurdle near .3100-0.3180. Therefore, sellers remain in action and there are high chances of a fresh decline below .3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD once again moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just near the 50 level.
Major Support Level – .3000
Major Resistance Level – .3180
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