Ripple started a fresh decline after it failed to clear the $ 0.6800 resistance against the US Dollar. XRP price is showing bearish signs below the 100 hourly SMA and facing many hurdles.
- Ripple started a sharp downside correction from the $ 0.6800 resistance against the US dollar.
- The price is now trading below the $ 0.6250 support and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $ 0.6460 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue lower unless it surpasses $ 0.6300 and the 100 hourly SMA.
Ripple Price is Facing Hurdles
The decline gained pace after there was a break below a major bullish trend line with support near $ 0.6460 on the hourly chart of the XRP/USD pair. The pair even settled below $ 0.6300 level and the 100 hourly simple moving average.
There was a spike below the $ 0.6000 support, but the price remained stable above $ 0.5800. The recent swing low was formed near $ 0.5938 and the price is currently consolidating.
Source: XRPUSD on TradingView.com
An initial resistance is near the $ 0.6080 level. It is close to the 23.6% Fib retracement level of the downward move from the $ 0.6564 swing high to $ 0.5938 low. The first major resistance is near the $ 0.6200 level and the 100 hourly simple moving average.
The next resistance is near the $ 0.6250 level or the 50% Fib retracement level of the downward move from the $ 0.6564 swing high to $ 0.5938 low. A clear break above the $ 0.6250 and $ 0.6300 resistance levels might clear the path for more upsides towards $ 0.6550 or $ 0.6640.
Key Supports For XRP
If there is no upside break in ripple above $ 0.6300, there could be more losses. An initial support on the downside is near the $ 0.6000 level.
The next key support is forming near the $ 0.5920 level, below which the price might revisit the main $ 0.5750 support. Any more losses could lead the price towards the $ 0.5200 level.
Hourly MACD – The MACD for XRP/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $ 0.6000, $ 0.5920 and $ 0.5750.
Major Resistance Levels – $ 0.6250, $ 0.6300 and $ 0.6550.