Bitcoin Down 7% While Ripple Price (XRP) Struggling To Hold Support
Ripple price remains in a bearish zone and it recently retested the $0.3840 support against the US dollar.
The price is struggling to stay above the $0.3840 support and it could slide further.
There is a major bearish trend line forming with resistance near $0.4050 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum price settled below $300 and it could decline further below the $275 support area.
Ripple price is struggling to hold a couple of important supports against the US Dollar, while bitcoin declined 7%. XRP price might decline heavily if it breaks $0.3800.
Ripple Price Analysis
Recently, bitcoin price extended losses below the $10,500 and $10,000 levels, but ripple price stayed above the $0.3840 support against the US Dollar. Earlier, the XRP/USD pair made an attempt to recover above the $0.4150 and $0.4185 resistance levels. However, the price failed to gain pace above the $0.4185 level. Moreover, there was no upside break above the $0.4185 level plus the 100 hourly simple moving average.
As a result, the price declined again below the $0.4150 and $0.4100 levels. It even broke the $0.4000 support and retested the main $0.3840-$0.3850 support area. At the moment, ripple is correcting higher above $0.3920. There was a break above the 50% Fib retracement level of the last decline from the $0.4187 high to $0.3852 low. However, the price is facing a lot of hurdles near the $0.4100 level and the 100 hourly SMA.
Moreover, there is a major bearish trend line forming with resistance near $0.4050 on the hourly chart of the XRP/USD pair. The 61.8% Fib retracement level of the last decline from the $0.4187 high to $0.3852 low is also acting as a strong resistance. Therefore, a successful close above the trend line and $0.4150 is needed for a fresh increase in the near term.
If there is no upside break above the $0.4150 and $0.4185 resistances, the price could extend losses. On the downside, the main supports are near $0.3850 and $0.3840. If there is a downside break, the price might start an extended decline below the $0.3800 support.
Looking at the chart, ripple price is clearly struggling to recover above $0.4100 and $0.4150. If it continues to face hurdles, there is a risk of a downside break below $0.3840 and $0.3800. The next major support below $0.3840 is near the $0.2720 level.
Hourly MACD – The MACD for XRP/USD is struggling to gain pace in the bullish zone.