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Ripple Price Analysis: XRP/USD Extending Slide
Key HighlightsRipple price is under a lot of pressure and it recently broke the $0.4500 support against the US dollar.There is a short-term declining channel in place with resistance at $0.4500 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to extend the current decline towards the $0.4300 and $0.4250 levels in the near term.Ripple price is extending losses against the US Dollar and Bitcoin. XRP/USD is in a downtrend and it could accelerate losses below the $0.4400 level.Ripple Price DowntrendThere was a sharp downside move from the $0.4800 pivot level in Ripple price against the US Dollar. The XRP/USD pair fell sharply and cleared the $0.4750 and $0.4500 support levels. There was even a spike below the $0.4400 level and a low was formed at $0.4393. Later, there was minor correction above the $0.4400 level. However, the upside was limited by the 23.6% Fib retracement level of the last decline from the $0.4810 high to $0.4393 low.The price is moving lower once again and it may soon break the $0.4400 level. It seems like there is a short-term declining channel in place with resistance at $0.4500 on the hourly chart of the XRP/USD pair. Above the channel resistance, the price could move above the $0.4550 level. The next resistance is at the 50% Fib retracement level of the last decline from the $0.4810 high to $0.4393 low around $0.4600. Any further gains may perhaps face a strong resistance near the $0.4750 level.Looking at the chart, the price is clearly in a downtrend below $0.4500. It is likely to break the recent low of $0.4393. The next supports on the downside are at $0.4250 and $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 moving lower towards the 30 level.Major Support Level – $0.4250Major Resistance Level – $0.4500
Author: Aayush Jindal
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