• Ripple price is trading in a downtrend below the $0.3000 and $0.3050 resistances against the US dollar.
  • The price is likely to extend its decline considering the recent decline in bitcoin price below $11,000.
  • There is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is facing an uphill task and it could even break the $0.2900 support area in the near term.

Ripple price is trading with a bearish angle against the US Dollar, while recovering vs bitcoin. XRP price might slide below the last swing low at $0.2895.

Ripple Price Analysis

Yesterday, ripple price corrected above the $0.3000 resistance level against the US Dollar. The XRP/USD pair even traded above $0.3040a and 100 hourly simple moving average. However, the bulls struggled to gain momentum above the $0.3050 and $0.3060 resistance levels. As a result, the price formed a swing high at $0.3060 and recently declined below the $0.3000 support.

Moreover, there was a break below the $0.2950 support and a swing low was formed at $0.2917. The price is correcting higher above $0.2950 plus the 23.6% Fib retracement level of the last slide from the $0.3062 high to $0.2917 low. However, there is a strong resistance forming near the $0.2990 and $0.3000 levels. Additionally, there is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair.

Above the trend line, the 50% Fib retracement level of the last slide from the $0.3062 high to $0.2917 low is at $0.2990. More importantly, the 100 hourly simple moving average is positioned near the $0.3000 area to act as a resistance.  Therefore, an upside break above the $0.3000 resistance might start a decent recovery in the near term. The next key resistances are near the $0.3050 and $0.3060 levels.

Conversely, if there is no upside break above $0.3000, the price could continue to slide. An immediate support is near the $0.2900 area. If there are more downsides, there is a risk of a break below the last swing low near $0.2895. In the mentioned case, the price is likely to drop towards the $0.2840 level.

Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives

Looking at the chart, ripple price is facing many hurdles on the upside near $0.2990, $0.3000 and $0.3050. A successful close above the $0.3000 level and the 100 hourly SMA might encourage the bulls in the short term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.

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

Major Support Levels – $0.2950, $0.2900 and $0.2840.

Major Resistance Levels – $0.2990, $0.3000 and $0.3050.



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Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives
Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives
Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives
Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives

Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives

Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives