Key Highlights
- Ripple price traded below the $0.1700 support against the US Dollar before finding support.
- There is a bearish trend line forming with resistance near $0.1780 on the hourly chart of XRP/USD (data source from Kraken).
- The price has to break the $0.1780-0.1800 levels in order to move back into the bullish zone.
Ripple price is trading with a slight bearish tone against the US Dollar and Bitcoin. XRP/USD has to clear $0.1800 to move back towards $0.2000.
Ripple Price Upside Hurdle
There was a slow and steady downside move in Ripple price below the $0.1800 level against the US Dollar. The price even broke the $0.1700 support and traded as low as $0.1673. Later, the price formed a support base and started recovering above $0.1700. It moved above the 23.6% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low. However, the upside move was capped by the $0.1820 level.
The 50% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low acted as a resistance and protected further gains. Moreover, there is a bearish trend line forming with resistance near $0.17800 on the hourly chart of XRP/USD. The trend line resistance is close to the 100 hourly simple moving average at $0.1760. Therefore, a close above the $0.1780 level and the 100 hourly simple moving average is needed for more gains.
If there is a close above $0.1800, the price could even test the 61.8% Fib retracement level of the last decline from the $0.1970 high to $0.1673 low at $0.1865. On the downside, the $0.1700 level remains a major support in the short term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move above the 50 level.
Major Support Level – $0.1700
Major Resistance Level – $0.1800
Charts courtesy – Trading View, Kraken
