Ripple price is currently under pressure and is currently below $2.70 against the US Dollar.
There was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair (data source from Kraken).
On the upside, there is a key resistance forming around $2.80 and the 100 hourly simple moving average.
Ripple price is struggling to retain the bullish bias against the US Dollar and Bitcoin. XRP/USD may decline in the short term towards the $2.40 and $2.30 levels.
Ripple Price Decline
There was a recovery initiated from the $2.15 swing low in Ripple price against the US Dollar. The price recovered above the $2.30 level and the 23.6% Fib retracement level of the last decline from the $3.35 high to $2.15 low. However, the upside recovery was limited and the price was not able to move above $2.80. There was also no proper close above the 100 hourly simple moving average, which is currently at $2.75.
Moreover, the price failed to break the 50% Fib retracement level of the last decline from the $3.35 high to $2.15 low. There was a fresh downside wave initiated from the $2.80 swing high. During the downside, there was a break below a connecting bullish trend line with support at $2.70 on the hourly chart of the XRP/USD pair. The pair is now struggling to recover and is currently below $2.60 and the 100 hourly SMA.