Key Highlights
- Ripple price is trading well below the $0.5900 resistance and pivot level against the US dollar.
- There is a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more losses below the $0.5570 and $0.5500 levels in the near term.
Ripple price is in a major bearish zone against the US Dollar and Bitcoin. XRP/USD may accelerate declines below the $0.5500 level going forward.
Ripple Price Decline
There was no upside correction above $0.5800 and $0.5900 in Ripple price against the US Dollar. The price is still in a bearish zone well below the $0.5800 level. A low was formed at $0.5570 before the price corrected slightly. However, the $0.5900 level acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low also prevented upsides.
The main hurdle on the upside is near a major bearish trend line forming with resistance near the $0.5750 on the hourly chart of the XRP/USD pair. A break above trend line resistance is needed for more gains towards $0.5900. Above $0.5900, the 50% Fib retracement level of the last downside move from the $0.6500 swing high to $0.5572 low may act as the next resistance. Only a close above the $0.6000 level could open the doors for more corrections in the near term.
On the downside, the price may soon break the $0.5572 low. The next major support is near the $0.5000 level. There can be a solid buying interest near the $0.5000 level since it is a key handle for XRP.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is still placed nicely in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower and is currently below the 50 level.
Major Support Level – $0.5570
Major Resistance Level – $0.5900
Charts courtesy – Trading View
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