- Ripple price declined again after it failed to clear the $0.4070 resistance zone against the US dollar.
- The price is under a lot of pressure and it recently broke the $0.3950 support area.
- There is a key declining channel forming with resistance near $0.3920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either break the $0.3840 support or bounce back above $0.3950 in the near term.
Ripple price failed to continue higher above against the US Dollar after bitcoin declined from $12,000. XRP price is currently at a risk of more losses below the $0.3840 support area.
Ripple Price Analysis
Recently, bitcoin price failed to clear the $12,000 resistance and declined below $11,500. It sparked bearish moves in ripple price as it failed to clear the $0.4070 level against the US Dollar. The XRP/USD pair topped near the $0.4065 level and started a fresh decline. It broke the $0.4020 and $0.4000 support levels. Moreover, there was a break below the $0.3950 support plus the 100 hourly simple moving average.
The decline was such that the price tested the main $0.3840 support area. The price is now trading just above the $0.3840 support and it could correct in the short term. An initial resistance is near the $0.3900 level and the 23.6% Fib retracement level of the recent decline from the $0.4065 high to $0.3837 low. Moreover, there is a key declining channel forming with resistance near $0.3920 on the hourly chart of the XRP/USD pair.