Ripple price traded sharply lower and traded below the $0.8000 level against the US Dollar. XRP/USD is under heavy selling pressure and it recently traded below $0.7400.
Key Talking Points
Ripple price recently declined sharply and traded below the $0.8000 level against the US Dollar.
There is a key bearish trend line forming with resistance near $0.8000 on the hourly chart of the XRP/USD pair (Data feed via Bitstamp).
The pair may decline further and it could even break the $0.7239 low.
Ripple Price Forecast
There was a fresh start to a downside wave in Ripple price as it moved below $0.9000 against the US Dollar. The XRP/USD pair declined sharply and moved below the $0.8000 and $0.7500 support levels.
The recent low was formed at $0.7239 and it seems like the price is likely to stay in the bearish zone. An initial resistance on the upside sits around the 23.6% Fib retracement level of the last drop from the $1.1289 high to $0.7239 low.
Further to the upside, there is a key bearish trend line forming with resistance near $0.8000 on the hourly chart of the XRP/USD pair. The trend line resistance could play an important role near $0.8000.
Should there be a break above $0.8000, it could be the start of a recovery. The next resistance in the mentioned case is the 50% Fib retracement level of the last drop from the $1.1289 high to $0.7239 low at $0.9264.
On the flip side, if the price fails to move higher, there are chances of it breaking the $0.7239 low. The next support is around the $0.7000 level. However, if buyers continue to struggle, then the price may even break the $0.7000 support.
The overall price formation is bearish as long as the price is below $0.8000. The technical indicators are currently in the oversold levels, but the price has to move above $0.8000 and $0.9200 to move back in a positive zone in the near term.