Key Highlights
- Ripple price is correcting lower and is currently testing a major support area near $0.2400 against the US Dollar.
- Yesterday’s highlighted crucial bullish trend line with support at $0.2500 was breached on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is trading near a major support area of $0.2400-0.2350, which must hold further losses.
Ripple price started a downside correction against the US Dollar and Bitcoin. XRP/USD is now trading above a major support of $0.2350.
Ripple Price Downsides Limited
There was a minor decline in Ripple price from the $0.2803 swing high against the US Dollar. The price moved below the $0.2650 support and the 23.6% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high. It opened the doors for an extended correction and the price moved below $0.2550. During the downside move, there was a break below yesterday’s highlighted crucial bullish trend line with support at $0.2500 on the hourly chart of the XRP/USD pair.
The price moved below the $0.2500 support and the 100 hourly simple moving average. However, the 50% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is holding losses. There is a clear major support forming near $0.2400-0.2350, which must hold further losses. There is a chance of a dip towards $0.2350-30 to fill buy orders before the price recovers.
The 61.8% Fib retracement level of the last wave from the $0.1980 low to $0.2803 high is also near $0.2297 to prevent declines. On the upside, the price needs to move back above the $0.2550 resistance to gain momentum.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now placed well into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the oversold levels.
Major Support Level – $0.2350
Major Resistance Level – $0.2550
Charts courtesy – Trading View, Kraken
