Ripple Price Analysis: XRP/USD’s Support Turned Resistance at $0.3400
- Ripple price extended its downside move and broke the $0.3400 support area against the US dollar.
- Yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair declined towards the $0.3200-50 support area and is currently correcting higher.
Ripple price faced an increased selling pressure against the US Dollar and Bitcoin. XRP/USD is moving higher, but the previous support at $0.3400 could act as a resistance.
Ripple Price Resistance
Yesterday, a short-term downside correction was initiated from the $0.3580 high in Ripple price against the US Dollar. The XRP/USD pair declined and broke the $0.3500 and $0.3450 levels. Later, sellers gained traction and the price declined below the $0.3400 support and the 100 hourly simple moving average. The price also broke the 61.8% Fib retracement level of the last leg from the $0.3190 swing low to $0.3579 high.
More importantly, yesterday’s highlighted key bullish trend line was broken with support at $0.3405 on the hourly chart of the XRP/USD pair. The pair traded towards the $0.3200 support and established an intraday low at $0.3230. Later, the price corrected higher above the $0.3300 level. It also broke the 23.6% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low. It seems like the price may slowly climb higher towards the $0.3400 resistance and the 100 hourly SMA. However, it won’t be easy for buyers to clear $0.3400 and the 50% Fib retracement level of the last slide from the $0.3579 high to $0.3230 low.
Looking at the chart, ripple price is following an ascending channel and it could rise towards $0.3400. If it fails to break $0.3400, it could decline back towards the $0.3200 support in the near term. Conversely, above $0.3400 the price may climb back above $0.3500.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slightly placed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3400