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Ripple Price Analysis: XRP/USD Broke Channel Support

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Ripple Price Analysis: XRP/USD Broke Channel Support

Key HighlightsRipple price was not able to gain momentum and broke the $0.5400 support against the US dollar.Yesterday’s highlighted important ascending channel was breached with support at $0.5350 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is back in a bearish zone and it could continue to move down towards the $0.5150 level.Ripple price fell sharply below key supports against the US Dollar and Bitcoin. XRP/USD is likely to extend declines towards the $0.5150 and $0.5100 levels.Ripple Price ResistanceYesterday, Ripple price made an attempt to break the $0.5500 resistance against the US Dollar. The XRP/USD pair failed to move past $0.5500 and $0.5505, which resulted in a downside move. The price declined and broke a few important supports including $0.5400 to move into a bearish zone. It even traded below the $0.5350 support and the 100 hourly simple moving average.More importantly, yesterday’s highlighted important ascending channel was breached with support at $0.5350 on the hourly chart of the XRP/USD pair. The pair cleared the 50% Fib retracement level of the last wave from the $0.5094 low to $0.5611 high to accelerate declines. At the moment, the price is trading below the $0.5300 level and the 100 hourly SMA with bearish signs. It may continue to decline towards the $0.5150 level. An intermediate support is around the 76.4% Fib retracement level of the last wave from the $0.5094 low to $0.5611 high.Looking at the chart, the price clearly moved into a bearish zone below $0.5300. If sellers remain in action, there is even a chance of ripple price retesting the $0.5100 zone. On the upside, the broke support at $0.5350 and 100 hourly SMA are likely to act as resistances.Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the oversold levels.Major Support Level – $0.5100Major Resistance Level – $0.5350

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Author: Aayush Jindal

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