Key Highlights
- Ripple price failed to move above the .4750 resistance and declined against the US dollar.
- There is a major bearish trend line in place with resistance near .4600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could accelerate declines below .4300 and it may even trade to a new low in the near term.
Ripple price is facing a heavy selling interest against the US Dollar and Bitcoin. XRP/USD is likely to decline further below the .4300 and .4200 levels.
Ripple Price Support
Yesterday, there was a minor upside correction above the .4600 level in Ripple price against the US Dollar. The XRP/USD pair even traded above the .4700 level. However, the upside move was capped by the .4750 resistance. The price was rejected, resulting in a downside reaction below the .4600 level. It even broke the .4500 and .4400 support levels.
A low was formed at .4393 and it seems like there could be more losses in the near term. An initial resistance is near the 23.6% Fib retracement level of the last decline from the .4572 high to .4393 low. However, the most important resistance is near the .4600 level. There is also a major bearish trend line in place with resistance near .4600 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the last decline from the .4572 high to .4393 low is below the trend line to prevent gains. Therefore, if the price corrects higher, it is likely to face sellers near the .4600 and .4620 levels.
Looking at the chart, the price remains at a risk of more declines below the .4400 level. The next supports are seen near the .4320 and .4200 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 35 level.
Major Support Level – .4350
Major Resistance Level – .4600
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