Bitcoin Correcting Gains While Ripple Price (XRP) Struggles To Hold Support

• Ripple price failed to climb above the key $0.4950 resistance level and declined against the US dollar.
• The price broke the $0.4700 support and it is currently struggling to hold the $0.4500 support.
• There was a break below a major bullish trend line with support at $0.4690 on the hourly chart of the XRP/USD pair (data source from Kraken).
• Ethereum price corrected gains, but it is holding the key $320 support very well.

Ripple price is struggling to hold a few important supports against the US Dollar, while bitcoin is correcting gains. XRP price remains at a risk of more losses below $0.4500.

Ripple Price Analysis

Recently, bitcoin price climbed sharply above $13,000 (as discussed yesterday), but ripple price struggled to gather pace against the US Dollar. The XRP/USD pair climbed above the $0.4800 level and traded close to the $0.5000 resistance. However, the $0.4950 resistance area acted as a strong hurdle for the bulls. A swing high was formed at $0.4947 and the price recently declined heavily.

There were back to back bearish candles below the $0.3800 support. Ripple price even traded below the $0.3700 support. Finally, there was a close below the $0.4650 level and the 100 hourly simple moving average. A swing low was formed near $0.4521 and the price is currently consolidating losses. An initial resistance is near the $0.4620 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low.

However, the main resistance is near the broken trend line and $0.4700. Moreover, the 100 hourly simple moving average is also positioned near the $0.4700 level. Finally, the 50% Fib retracement level of the downward move from the $0.4947 high to $0.4521 low is at $0.4735 to prevent an upward move. If there is a close above the $0.4750 level, ripple could rise towards the $0.4950 level.

Conversely, if XRP continues to struggle below $0.4700, there could be more downsides. An immediate support is at $0.4520, below which there is a risk of a downside break below the $0.4500 support.

Looking at the chart, ripple price is clearly facing a strong selling interest below $0.4700. If the price stays above $0.4700, there could be more losses. On the other hand, if bitcoin price climbs higher again, it could stop declines in ripple below the $0.4500 support.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level, with a bearish angle.

Major Support Levels – $0.4520, $0.4500 and $0.4450.

Major Resistance Levels – $0.4620, $0.4700 and $0.4750.

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* This article was originally published here