- Ripple price traded to a new monthly low at $0.3810 and corrected higher support against the US dollar.
- The price is struggling to gain bullish momentum and it is still trading well below $0.4275.
- Yesterday’s highlighted key bearish trend line was breached with resistance near $0.3985 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum price is currently recovering and it is already trading above the key $292 resistance.
Ripple price is still facing a lot of hurdles against the US Dollar, while bitcoin rallied more than 8%. XRP price could slowly rise, but it might struggle near $0.4120 or $0.4200.
Ripple Price Analysis
After a strong decline, bitcoin price found support near $9,700 and recently rallied above $11,000, but ripple price remained in a bearish zone against the US Dollar. Earlier, the XRP/USD pair extended losses below the $0.2900 and $0.2850 levels. A new monthly low was formed near $0.3810 before the price started a fresh recovery. It broke the $0.3900 and $0.3920 resistance levels.
Moreover, yesterday’s highlighted key bearish trend line was breached with resistance near $0.3985 on the hourly chart of the XRP/USD pair. The pair even climbed above the 61.8% Fib retracement level of the last decline from the $0.4085 high to $0.3810 low. However, ripple price is now facing resistance near the $0.4050 level and the 100 hourly simple moving average.If the price struggles to move above $0.4050 or $0.4100, it could decline once again. An immediate support is near the $0.4000 level. A downside break below $0.4000 might open the doors for more losses towards the $0.3850 or $0.3800 levels.