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Ripple Price (XRP) Could Underperform: Recovery Could Face Hurdles
Ripple price declined heavily below the $0.3800 and $0.3500 support levels against the US dollar.The price even traded close to the $0.3000 support level and it is currently correcting higher.There is a new breakout pattern forming with resistance near $0.3320 on the hourly chart of the XRP/USD pair (data source from Kraken).The price could correct higher, but upsides are likely to remain capped near $0.3460.Ripple price is currently under a lot of pressure against the US Dollar and Looking at the chart, ripple price is currently consolidating losses above the $0.3200 level. It may correct higher above $0.3320 or $0.3350. Having said that, the bulls are likely to struggle and the price could resume it slide if there is no successful break above the $0.4460 resistance area.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recovered recently, but failed near the 40 level.Major Support Levels – $0.3200, $0.3180 and $0.3030.Major Resistance Levels – $0.3320, $0.3400 and $0.3460.
Author: Aayush Jindal
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