Ripple price declined recently after buyers failed to push it above $0.7100 against the US dollar.
Yesterday’s highlighted crucial ascending channel with support at $0.6860 was broken on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is now trading below the $0.6800 support level and the 100 hourly simple moving average.
Ripple price made a bearish turn against the US Dollar and Bitcoin. XRP/USD may correct lower towards the $0.6600 support in the near term.
Ripple Price Resistance
There was no upside break above the $0.7100 level in Ripple price against the US Dollar. The price traded as high as $0.7060 before sellers appeared and pushed the price lower. A fresh bearish wave was initiated and the price declined below the $0.7000 support. The decline was such that the price also settled below the 0.6800 support level and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted crucial ascending channel with support at $0.6860 was broken on the hourly chart of the XRP/USD pair. The pair also broke the 50% Fib retracement level of the last wave from the $0.6478 low to $0.7067 high. It has opened the doors for more losses and the price could decline further towards the $0.6600 support. An immediate support sits around the 76.4% Fib retracement level of the last wave from the $0.6478 low to $0.7067 high.
Looking at the chart:
The price is currently in a bearish zone below $0.6800. Should there be an upside correction, the price could face sellers near $0.6800 and the 100 hourly SMA. On the downside, buyers can keep an eye on the $0.6600 support level. Below $0.6600, the last swing low of $0.6478 may be retested.
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 declining and is currently well below the 40 level.
Major Support Level – $0.6600
Major Resistance Level – $0.6800
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