Ripple price has likely completed a correction around the $1.70 level against the US Dollar. XRP/USD is resuming its downtrend and it may soon break the $1.10 support.
Key Talking Points
Ripple price is under pressure from the $1.70 swing high against the US Dollar.
There are two bearish trend lines forming with resistance at $1.31 and $1.58 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
The pair may continue to move down and it remains at a risk of a break below $1.10.
Ripple Price Forecast
There was a decent upside recovery from the $0.8801 swing low in Ripple price against the US Dollar. The XRP/USD pair traded above the $1.50 level, but it failed to break the $1.70 level.
The mentioned $1.70 level was a support earlier and it recently acted as a resistance. The price failed to move above the 61.8% Fib retracement level of the last decline from the $2.248 high to $0.8801 low.
A fresh downside wave was initiated and the price moved below the $1.50 support. There was also a break below the 50% Fib retracement level of the last wave from the $0.8801 low to $1.7250 high.
The price is clearly under pressure and is currently trading below $1.2500. On the upside, there are two bearish trend lines forming with resistance at $1.31 and $1.58 on the 2-hours chart of the XRP/USD pair.
The first bearish trend line at $1.31 is very important since it coincides with the 100 simple moving average (2-hours). Therefore, the pair may continue to move down and it could even test the 76.4% Fib retracement level of the last wave from the $0.8801 low to $1.7250 high.
On the upside, a break above the $1.31 level is needed to overcome the current selling pressure. Above $1.31, the price may attempt to break the $1.58 resistance zone.
On the downside, the $1.10 and $1.00 support levels are key for the next move in XRP/USD. A break of $1.00 could increase a lot of pressure on ripple in the near term.