Ripple started a new drop after failing to offset the $ 0.6800 resistance against the US dollar. XRP price is showing bearish signs below the 100-hour SMA and facing many hurdles.
- Ripple started a sharp downward correction due to the $ 0.6800 resistance against the US dollar.
- The price is now trading below the $ 0.6250 support and the 100-hour simple moving average.
- The hourly chart of the XRP / USD pair (data source from Kraken) broke below a major bullish trendline with support near USD 0.6460.
- The pair is likely to continue lower unless it breaks above $ 0.6300 and the 100-hour SMA.
Ripple Price faces hurdles
Recently, we’ve seen a sharp bearish reaction in Bitcoin, Ethereum, and ripples against the US dollar. XRP price broke the USD 0.6450 support zone and moved into a short-term bearish zone.
The decline accelerated after a break below a major bullish trendline with support near $ 0.6460 on the hourly chart for the XRP / USD pair. The pair was even below the $ 0.6300 level and 100 hour 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
Initial resistance is near the $ 0.6080 level. It is close to the 23.6% Fib retracement level of the move down from the high of $ 0.6564 to the low of $ 0.5938. The first major resistance is near the $ 0.6200 level and the 100-hour simple moving average.
The next resistance is near the $ 0.6250 level or the 50% Fib retracement level of the downward move from the high of $ 0.6564 to the low of $ 0.5938. A significant break above the $ 0.6250 and $ 0.6300 resistance levels could pave the way for further up moves towards $ 0.6550 or $ 0.6640.
Important supports for XRP
If the ripple above $ 0.6300 is not broken up, further losses may result. An initial downward move is near the $ 0.6000 level.
The next major support is forming near the $ 0.5920 level, below which the price may again hit the main support at $ 0.5750. Further losses could lead the price towards $ 0.5200.
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.
Main Resistance Levels – $ 0.6250, $ 0.6300, and $ 0.6550.