Aayush Jindal •
- Ripple price could not hold the $0.9000 support and moved below the $0.8400 level against the US dollar.
- There is a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
- The pair is trading around the $0.8400 level and is currently trading with a bearish bias.
Ripple price failed to move higher and declined against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face resistance near $0.9000.
Ripple Price Upside Hurdle
There was an extension to yesterdayвЂ™s decline in Ripple price from the $0.8800 swing high against the US Dollar. The price failed to hold the $0.9000 and $0.8400 support levels and declined further. An intraday low was formed at $0.8015 before price started a minor upside correction. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low.
However, there are many hurdles on the upside below the $0.9000 level. There is also a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair. At the moment, the price is testing the 38.2% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low. There is a chance of it moving further higher towards the $0.8700 or $0.8800 levels, but an upside break wonвЂ™t be easy. Moreover, the 50% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low is at $0.8749 to act as a resistance.
On the downside, the $0.8100 and $0.8000 levels are decent supports. As long as the price is above the $0.8000 handle, it could make an attempt to recover above $0.9000.
Looking at the technical indicators:
Hourly MACD вЂ“ The MACD for XRP/USD is slowly reducing its bearish slope.
Hourly RSI (Relative Strength Index) вЂ“ The RSI for XRP/USD is currently moving higher towards the 50 level.
Major Support Level вЂ“ $0.8000
Major Resistance Level вЂ“ $0.9000
Charts courtesy – SimpleFX