Ripple Showing Signs of Weakness But XRP Price Remains Supported

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Ripple price seems to be struggling near the $0.3600 and $0.3700 resistance levels against the US dollar.The price is likely to break the $0.3480 support area and decline further in the near term.There is a key bearish trend line formed with resistance near $0.3600 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could correct below the $0.3480 and $0.3400 levels, but the $0.3250 level is a strong support.Ripple price is signaling a downside correction against the US Dollar and bitcoin. XRP might decline below $0.3400, but buyers are likely to take a stand near $0.3320 or $0.3250.Ripple Price AnalysisAfter a rejection near the $0.3790 level, ripple price corrected lower against the US Dollar. The XRP/USD pair declined below the $0.3700 and $0.3600 levels. Later, the price bounced back and made a few attempts to gain strength above the $0.3700 and $0.3740 resistance levels. However, buyers failed and the price dived below the 50% Fib retracement level of the last wave from $0.3255 swing low to $0.3790 high. There was also a break below the $0.3550 level and the 100 hourly simple moving average.On the downside, the $0.3480 area acted as a strong support and prevented losses on many occasions. It also represents the 61.8% Fib retracement level of the last wave from $0.3255 swing low to $0.3790 high. At the moment, the price is flirting with the $0.3480 support and remains at a risk of more losses. If there is a downside break and close below $0.3480, then the price might extend its decline. The next stop could be near the $0.3380 level.The next key support is at $0.3320, where buyers could appear. If they fail to defend the $0.3320 support, the price may perhaps test the main $0.3250 support area. On the upside, an initial resistance is near the $0.3600 level and the 100 hourly SMA. There is also a key bearish trend lines formed with resistance near $0.3600 on the hourly chart of the XRP/USD pair. A successful break above the $0.3600 level is must for a fresh increase towards $0.3700 or even $0.3740.Looking at the chart, ripple price seems to be struggling to gain momentum above $0.3600, which might result in a short term breakdown. A close below $0.3480 and $0.3460 is likely to spark an extended drop towards the $0.3320 or $0.3250 support area in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD recently declined below 50 and it is currently near 40.Major Support Levels – $0.3480, $0.3460 and $0.3320.Major Resistance Levels – $0.3590, $0.3600 and $0.3700.

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