Ripple Price Analysis: Break Below $0.2900 Could Speed Up XRP LossesRipple Price Analysis: Break Below $0.2900 Could Speed Up XRP Losses – Altcoin Today

Key Highlights

  • Ripple price seems to be struggling to clear the $0.3100 resistance area against the US dollar.
  • There is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could decline heavily if there is a break below the $0.2900 and $0.2880 supports.

Ripple price is under pressure against the US Dollar and Bitcoin. XRP/USD failed to move past $0.3100 and now it could decline further towards $0.2650.

Ripple Price Analysis

There was a decent base formed near $0.2920 in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.3000 resistance area. However, buyers struggled to clear the $0.3090-0.3100 resistance. As a result, the price declined below $0.3020 and the 100 hourly simple moving average. The price retested the $0.2920 support area, which is currently protecting further losses.

An initial resistance is the $0.3000 level and the 23.6% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. The stated $0.3000 level also coincides with the 100 hourly SMA. Above $0.3000, there is a key bearish trend line formed with resistance at $0.3025 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $.3090 high to $0.2924 low. Therefore, the price is likely to struggle near $0.3000 and $0.3020 if it corrects higher. Above $0.3020, the next key resistance is at $0.3090-0.3100.

Looking at the chart, ripple price remains at a risk of a sharp decline if there is a break below the $0.2900-0.2880 support area. The next main support below $0.2800 is near the $0.2650 level where buyers may emerge.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.2900

Major Resistance Level – $0.3020

AltcoinToday.com

Ripple image via Shutterstock.

Source: Newsbtc

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