Ripple Price (XRP) Targets Fresh Weekly Low After Bitcoin Nosedives

• Ripple price is trading in a downtrend below the $0.3000 and $0.3050 resistances against the US dollar.
• The price is likely to extend its decline considering the recent decline in bitcoin price below $11,000.
• There is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair is facing an uphill task and it could even break the $0.2900 support area in the near term.

Ripple price is trading with a bearish angle against the US Dollar, while recovering vs bitcoin. XRP price might slide below the last swing low at $0.2895.

Ripple Price Analysis

Yesterday, ripple price corrected above the $0.3000 resistance level against the US Dollar. The XRP/USD pair even traded above $0.3040a and 100 hourly simple moving average. However, the bulls struggled to gain momentum above the $0.3050 and $0.3060 resistance levels. As a result, the price formed a swing high at $0.3060 and recently declined below the $0.3000 support.

Moreover, there was a break below the $0.2950 support and a swing low was formed at $0.2917. The price is correcting higher above $0.2950 plus the 23.6% Fib retracement level of the last slide from the $0.3062 high to $0.2917 low. However, there is a strong resistance forming near the $0.2990 and $0.3000 levels. Additionally, there is a major bearish trend line forming with resistance near $0.2980 on the hourly chart of the XRP/USD pair.

Above the trend line, the 50% Fib retracement level of the last slide from the $0.3062 high to $0.2917 low is at $0.2990. More importantly, the 100 hourly simple moving average is positioned near the $0.3000 area to act as a resistance.  Therefore, an upside break above the $0.3000 resistance might start a decent recovery in the near term. The next key resistances are near the $0.3050 and $0.3060 levels.

Conversely, if there is no upside break above $0.3000, the price could continue to slide. An immediate support is near the $0.2900 area. If there are more downsides, there is a risk of a break below the last swing low near $0.2895. In the mentioned case, the price is likely to drop towards the $0.2840 level.

Looking at the chart, ripple price is facing many hurdles on the upside near $0.2990, $0.3000 and $0.3050. A successful close above the $0.3000 level and the 100 hourly SMA might encourage the bulls in the short term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still well below the 50 level.

Major Support Levels – $0.2950, $0.2900 and $0.2840.

Major Resistance Levels – $0.2990, $0.3000 and $0.3050.

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