Ripple Price Analysis: XRP/USD Broke Significant Support

Key Highlights

  • Ripple price failed to hold a major support area near $0.6500 and declined against the US dollar.
  • There is a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may correct higher, but the broken support at $0.6500 is likely to act as a hurdle.

Ripple price declined further against the US Dollar and Bitcoin. XRP/USD is now well below $0.6500 and is eyeing more losses in the near term.

Ripple Price Bearish Bias

There was a Crypto Analysis.com/2018/05/22/ripple-price-analysis-xrp-usds-downside-break/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>sharp increase in bearish pressure on Ripple price below the $0.7000 level against the US Dollar. The price declined sharply and broke a major support area near $0.6500. It has opened the doors for more declines towards $0.6000 since the price is now well below the 100 hourly simple moving average. A low was formed recently at $0.6236 where buyers protected further losses.

At the moment, the price is consolidating above $0.6200. An initial resistance is near the 38.2% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low. Moreover, there is also a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair. The most important hurdle for buyers is near $0.6500. The stated $0.6500 level was a Crypto Analysis.com/2018/05/18/ripple-price-analysis-xrp-usd-reached-turning-point/” target=”_blank” rel=”noopener” data-wpel-link=”internal”>support earlier and now it could prevent upsides. The same level is also close to the 50% Fib retracement level of the last decline from the $0.6759 high to $0.6236 low.

Looking at the chart, the price is in a bearish trend below $0.6500. Any corrections from the current levels could be capped by $0.6500 and $0.6700. On the downside, a break below $0.6230 will most likely push the price towards $0.6000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is now placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Level – $0.6200

Major Resistance Level – $0.6500

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