There was acute rejection at the 0.7000 USD and 0.7100 USD resistance levels. Prices failed to break the 0.7100 USD and the 100 SMA. This resulted in a new downward shift and prices moved below the 0.6900 USD and 0.6800 USD support levels. The downward swing was real because there was a close below the 0.6800 USD support. Prices are now below the 100-hour SMA.
The decline paused close to a crucial support area at 0.6450 USD, which prevented losses earlier. A low formed at 0.6471 USD before prices started to consolidate in a range. It is testing the 23.6% Fibonacci retracement from the last drop of 0.7142 USD high to 0.6471 USD low. There’s a chance for more upsides towards the 0.6800 USD support level, but many hurdles are looking at the upside. A primary bearish pattern is in place with some resistance at 0.6800 USD on the hourly chart.
While there isn’t any clear issue that may have triggered the sell-off, most digital currency experts attribute this decline to the disappointment caused by the Consensus conference. The conference failed to boost cryptocurrency prices against expectations.
XRP/USD Technical Structure
Ripple is currently changing hands at the 0.6640 USD handle, well below the 50, 100 and 200-SMA’s. The immediate support here is seen at 0.66 USD and followed by 0.65 USD which is Thursday’s low for the digital currency. Further down, 0.6310 USD which was May 12 low, will come into focus. Looking at the upside, the basic short-term resistance level is created at 0.6823 USD on the 50-SMA. Which is followed by 0.7000 USD, strengthened by the 100-SMA. From the chart, the 50% Fibonacci retracement of the previous decline from 0.7142 USD high a 0.6471 USD low is stationed close to the 0.6806 USD to stop recoveries. Looking at the downside, both the 0.6450 USD and 0.6400 USD levels are crucial supports, and this is followed by 0.6200 USD.
The next few days of trading will tell determine the short term progress of Ripple.