Ripple price tried to reach $0.78, yet it failed and had to back down. During the correction, it lost the $0.76 support and went under the upward trendline. Ad with that, the downward trend gained momentum and by losing the SMA100 near the $0.74 to $0.70 the price declined. At that point however, Ripple price was supported and managed to move upward again. Subsequently, it managed to reach $0.74 near the SMA100. As of now, Ripple price is around $0.7350 and is trying to break the $0.74 resistance level.
Taking a look at the 1-hour chart, we see that the price is inside an upward wedge pattern. Yet by hitting the resistance at $0.78 had to back down and escape from the bottom of the pattern. During the bear run, Ripple price lost the crucial $0.76 and $0.74 support levels and fell as low as $0.70. However, at $0.70 the price formed a new bullish trend due to being well-supported. Subsequently, it reached up to $0.74, yet by hitting the SMA100 as well as the 50% Fibonacci retracement level, the bull run stopped.
In case the Ripple price succeeds to break the barrier, we expect the upward trend to gain strength. In that case, the $0.74, the 61.8% Fibonacci retracement level and then the $0.76 will be the important resistance levels will stand on its way. We can see a downward trendline that Ripple price has to take over in order to have another rise. In that scenario, the $0.7750 to $0.78 zone and then the $0.80 will be important resistance levels down the line.
On the other hand, We can expect further decline if Ripple price fails to surpass $0.74. During the possible correction, the crucial support levels will be $0.72, $071, $0.70 and then $0.69. Any further decline could bring the price down as low as $0.68 to $0.66 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator is on a downward momentum.
RSI: the relative strength index is approximately 40.
Resistance levels: first resistance level is at $0.74. and then the $0.75 to $0.76 zone. Then, the $0.7750 to $0.78 zone and finally, the $0.80 coming next.
Support levels: the first support level is at $0.72, then the $0.71, $0.70 and $0.69. In case of further decline, the $0.68 and $0.66 will support the price.
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