Ripple price spiked above the $0.3210 level recently and later dipped below $0.3150 against the US dollar.
There is a declining channel in place with support at $0.3130 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could dip below the $0.3130 support before it may bounce back above $0.3160 and $0.3200.
Ripple price is slowly retreating from recent highs against the US Dollar and Bitcoin. XRP/USD is likely forming a dip and rip scenario with supports near the $0.3120 and $0.3110 levels.
Ripple Price Analysis
Yesterday, we saw a sharp bullish reaction from the $0.3050 support area in ripple price against the US Dollar. The XRP/USD pair gained pace above $0.3120 and $0.3160 to move into a positive zone. It even spiked above the $0.3200 level and the 100 hourly simple moving average. However, the price struggled to hold gains above $0.3220 and later declined. The price also failed near the 61.8% Fib retracement level of the last decline from the $0.3345 high to $0.3047 low. It dipped below the $0.3200 and $0.3180 levels to start a downside correction.
During the recent decline, the price moved below the $0.3150 level and the 100 hourly SMA. Besides, there was a break below the 50% Fib retracement level of the last wave from the $0.3047 low to $0.3231 high. At the outset, there is a declining channel in place with support at $0.3130 on the hourly chart of the XRP/USD pair. The current price action suggests that the price could dip below the $0.3130 and $0.3120 levels. Having said that, the price is likely to find bids near the $0.3100 for a fresh upward move.
Looking at the chart, ripple price is likely forming a replica of the recent declining channel with resistance at $0.3175. Therefore, there are high chances of a downside spike below $0.3120 before the price climbs higher once again.
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone, with positive signs.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently flat below the 50 level.
Major Support Level – $0.3100
Major Resistance Level – $0.3200
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