Key Highlights
- Ripple price remained in a bearish trend and it traded below the .60 support against the US Dollar.
- This week’s highlighted major bearish trend line with current resistance at .85 is preventing upsides on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price remains at a risk of more losses as long as it is below the .80 level.
Ripple price declined further against the US Dollar and Bitcoin. XRP/USD tested the .50 level and it is currently placed in the bearish zone for more declines.
Ripple Price Decline
There was no respite for Ripple price as it extended declines below the .75 level against the US Dollar. The price moved down and broke the .60 support level as well to trade towards .50. A low was formed at .5002 and it seems like the current bearish pressure is here to stay. A tiny recovery is underway from .50. XRP is currently testing the 23.6% Fib retracement level of the last drop from the .05 high to .50 low.
There are many resistances on the upside near the .75 and .80 level. An initial resistance is around the 50% Fib retracement level of the last drop from the .05 high to .50 low. Moreover, this week’s highlighted major bearish trend line with current resistance at .85 is preventing upsides on the hourly chart of the XRP/USD pair. Therefore, there is a clear major resistance forming near .80. A break above the .80-1.85 levels is needed for buyers to take back the lost control.
On the downside, the recent low of .50 is a decent support. XRP must hold .50 to avoid further declines toward .25 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is recovering from the 30 level.
Major Support Level – .50
Major Resistance Level – .85
Charts courtesy – Trading View, Kraken
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