Key Highlights
- Ripple price failed to break an important resistance at .4675 and declined against the US dollar.
- There was a break below a connecting bullish trend line with support at .4620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is now trading well below the .4600 support and the 100 hourly simple moving average.
Ripple price is under pressure once again against the US Dollar and Bitcoin. XRP/USD has to stay above the .4500 support to avoid further declines.
Ripple Price Decline
Yesterday, we discussed a crucial hurdle near the .4700 resistance level in Ripple price against the US Dollar. The XRP/USD pair failed to move above the .4675 and .4700 resistance levels. As a result, there was a downside move and the price broke the .4600 support. It also broke the 50% Fib retracement level of the last wave from the .4375 low to .4700 high.
During the decline, there was a break below a connecting bullish trend line with support at .4620 on the hourly chart of the XRP/USD pair. The pair settled below the .4600 support and the 100 hourly simple moving average. It even spiked below the 61.8% Fib retracement level of the last wave from the .4375 low to .4700 high. However, the .4500 support acted as a barrier for sellers. At the moment, the price is trading in a tiny range near the .4500 level. On the upside, the previous support near .4620 and the 100 hourly SMA are likely to stop gains if the price corrects higher.
Looking at the chart, the price is trading in a range between .4450-0.4700. To gain upside momentum, ripple must break the .4700 resistance in the near term. If not, there is a risk of a break towards .4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is correcting higher from the oversold levels.
Major Support Level – .4500
Major Resistance Level – .4700
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