Ripple price remained in a bearish zone and declined below the key $0.3060 support against the US dollar.Bears remain in action as they managed to push the price below the $0.3000 support.Yesterday’s highlighted important bearish trend line is intact with resistance at $0.3035 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is currently correcting higher, but bears remain in control below $0.3040 and $0.3060.Ripple price declined heavily and broke many supports against the US Dollar and bitcoin. XRP/USD is currently in a strong downtrend and it could continue to move down towards $0.2920 or $0.2800.Ripple Price AnalysisIn the past few hours, there was a strong decline in ripple price from the $0.3100 resistance against the US Dollar. The XRP/USD pair failed to hold the $0.3080 and $0.3060 support levels and entered a bearish zone. There was a sharp decline below the $0.3040 support and the price settled well below the 100 hourly SMA. Sellers gained control and pushed the price below the $0.3000 support as well.A new weekly low was formed at $0.2980 and the price is currently correcting higher. The price moved above the $0.3000 support level. Moreover, it cleared the 23.6% Fib retracement level of the recent decline from the $0.3065 high to $0.2980 low. However, there are many hurdles for buyers near the $0.3040 level. An initial resistance is $0.3025 and the 50% Fib retracement level of the recent decline from the $0.3065 high to $0.2980 low. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at $0.3035 on the hourly chart of the XRP/USD pair.If there is an upside break above the $0.3035 level, the price could trade towards the key $0.3060 resistance. The 100 hourly simple moving average is also positioned near the $0.3070 level to act as a barrier for buyers. Therefore, if the price corrects higher, it is likely to face a strong selling interest near the $0.3035 or $0.3060 level.Looking at the chart, ripple price is under a lot of selling pressure and it is in a strong downtrend below $0.3080. On the downside, if the price declines below the recent low of $0.2980, there could be a sharp drop towards $0.2920 or $0.2880. Besides, if sellers remain in action, there are chances of a test of the $0.2800 support level. On the upside, only a close above $0.3060 and the 100 hourly SMA might decrease selling pressure.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 40 level, but below 50.Major Support Levels – $0.3000, $0.2980 and $0.2920.Major Resistance Levels – $0.3035, $0.3060 and $0.3070.
click here to see original post