Key Highlights
- Ripple price traded close to the $0.4750 resistance where it faced sellers against the US dollar.
- There is a short-term ascending channel in place with support at $0.4620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could break the channel support and $0.4600 for a downside extension in the near term.
Ripple price is currently consolidating losses against the US Dollar and Bitcoin. XRP/USD may perhaps resume its decline if it fails to move above $0.4750 and $0.4800.
Ripple Price Resistances
There was a short-term low formed recently near $0.4470 in Ripple price against the US Dollar. The XRP/USD pair started a minor upside correction and traded above the $0.4550 resistance. It succeeded in moving above the 38.2% Fib retracement level of the last drop from the $0.4930 high to $0.4478 low. However, the upside move faced a lot of selling interest near the $0.4750 resistance.
The price failed to settle above the 50% Fib retracement level of the last drop from the $0.4930 high to $0.4478 low. A fresh downside wave was initiated and the price moved back below $0.4700. It seems like there is a short-term ascending channel in place with support at $0.4620 on the hourly chart of the XRP/USD pair. The pair could bounce back from the channel support at $0.4620. However, to initiate a decent recovery, the price has to move above the $0.4750 resistance. Above this, the next hurdles for buyers are at $0.4800 and $0.4900.
Looking at the chart, if the price fails to hold the $0.4620 and $0.4600 support, it could retest the $0.4470 swing low. The overall price structure is negative as long as XRP/USD is below $0.5000. On the downside, the most important support sits around $0.4200.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now back below the 50 level.
Major Support Level – $0.4600
Major Resistance Level – $0.4750
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