Ripple Price (XRP) Trend Near-Term Negative, Similar To Bitcoin @newsbtc #Analysis #Technical #Ripple #xrp

• Ripple price recovered recently above $0.3100, but struggled to break $0.3140 against the US dollar.
• The price is currently declining and it might even break the $0.3050 support area in the near term.
  • Ripple price recovered recently above $0.3100, but struggled to break $0.3140 against the US dollar.
  • The price is currently declining and it might even break the $0.3050 support area in the near term.
  • There is a key bearish trend line forming with resistance near $0.3105 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price remains at a risk of more downsides as long as there is no break above $0.3140-0.3150.

  Ripple price is currently following a bearish pattern against the US Dollar, similar to bitcoin. XRP price could decline heavily if there is a daily close below the $0.3030 support.

  Ripple Price Analysis

  After a sharp decline, there was an upside correction in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair traded as low as $0.2992 and recovered above the $0.3050 and $0.3100 levels. Moreover, the price recovered above the $0.3120 resistance level. However, the recovery was capped by the $0.3140 resistance zone. The 100 hourly simple moving average (currently at $0.3122) also prevented an upside break.

  A swing high was formed near $0.3142 and the price recently corrected lower. The $0.3050 support level prevented a downside break and the price moved back above $0.3080. Additionally, there was a break above the 50% Fib retracement level of the downward move from the $0.3142 high to $0.3056 low. However, the bulls were not able to gain momentum and the price was capped near $0.4100.

  The 61.8% Fib retracement level of the downward move from the $0.3142 high to $0.3056 low acted as a resistance. More importantly, there is a key bearish trend line forming with resistance near $0.3105 on the hourly chart of the XRP/USD pair. Above the trend line, the 100 hourly SMA is near the $0.3120 level to cap gains. The main resistance is near the $0.3140-0.3150 area, above which the price could start a strong upward move.

  Conversely, if the price fails to break the $0.3100 or $0.3120 resistance, it could continue to slide. An immediate support is near the $0.3050 level. The main support is near $0.3030. If there is a daily close below the $0.3030 and $0.3020 support levels, the price could decline heavily towards $0.2850.

  

  Looking at the chart, ripple price is clearly trading in a downtrend below $0.3140. Having said that, the $0.3030 support holds the key. As long as the price is above $0.3030, it could stage a solid recovery above $0.3140.

  Technical Indicators

  Hourly MACD – The MACD for XRP/USD is moving into the bearish zone.

  Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving lower towards the 40 level.

  Major Support Levels – $0.3050, $0.3030 and $0.3000.

  Major Resistance Levels – $0.3100, $0.3120 and $0.3140.

  The post Ripple Price (XRP) Trend Near-Term Negative, Similar To Bitcoin appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ripple-price-xrp-trend-nearterm-negative-similar-to-bitcoin-5d3fc1b17be5bcbd3bc16202