Source: Inside Bitcoins, originally published on .
- Ripple price came under a lot of pressure and declined below the $0.5800 support area against the US dollar.
- There is a new connecting bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains at a risk of more declined below the $0.5500 level in the near term.
Ripple price is under heavy selling pressure against the US Dollar and Bitcoin. XRP/USD may perhaps settle below $0.5500 to accelerate declines.
Ripple Price Resistance
There was a tiny recovery initiated yesterday above the $0.5800 level in Ripple price against the US Dollar. The price traded above the $0.5800 level, but it faced a solid selling interest near the $0.6000 level. The stated $0.6000 level was a support earlier and now it is acting as a resistance. Moreover, the 50% fib retracement level of the last decline from the $0.6400 high to $0.5600 low acted as a hurdle.
A new downside wave was initiated and the price declined below the $0.5600 low. More importantly, there was a break below a major support area near $0.5500. A low was formed near $0.5449 before the price started consolidating losses. On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $0.5991 high to $0.5449 low. Moreover, there is a new connecting bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair. The pair may correct a few points in the near term, but the $0.5800 and $0.5900 level could act as a hurdle for buyers.
Looking at the chart, the price is struggling a lot below $0.6000. Any upside correction from the current levels could face heavy offers near the $0.5900 level.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is placed heavily in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 25 level.
Major Support Level – $0.5400
Major Resistance Level – $0.5900
The post Ripple Price Analysis: XRP/USD Under Bearish Pressure appeared first on NewsBTC.