Ripple (XRP) Price Eyeing Upside Break While Bitcoin Is Recovering

Aayush Jindal

1 year ago

2 mins read

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Ripple price is slowly moving higher towards the $0.2950 resistance area against the US dollar.
The price is facing an uphill task near the $0.2950 and $0.2980 resistance levels.
There is a major bearish trend line forming with resistance near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could either rally above $0.2950 or it might decline to retest the $0.2850 support area.

Ripple price is making attempt to clear a few key hurdles against the US Dollar, while bitcoin is recovering. XRP price must surpass $0.2950 and $0.2980 for a decent rally.

Ripple Price Analysis

Recently, ripple declined below the $0.2850 support area against the US Dollar. However, the $0.2810 area acted as a support and XRP price started a fresh recovery. The price gained momentum above the $0.2850 resistance. Moreover, there was a break above the $0.2920 resistance and the 100 hourly simple moving average. The price even spiked above the $0.2950 resistance, but it failed to surpass the $0.2980 resistance.

A high was formed near $0.2977 and the price is currently correcting lower. It is trading below the 23.6% Fib retracement level of the recent leg from the $0.2813 low to $0.2977 high. Currently, it seems like the $0.2900 area and the 100 hourly SMA are protecting declines. The next key support is near the $0.2895 level. It represents the 50% Fib retracement level of the recent leg from the $0.2813 low to $0.2977 high.

Any further losses might push ripple price towards the key $0.2850 support area in the near term. On the upside, there is a strong resistance near the $0.2950 and $0.2980 levels. Moreover, there is a major bearish trend line forming with resistance near $0.2950 on the hourly chart of the XRP/USD pair. Therefore, an upside break above the $0.2950 resistance may perhaps open the doors for a fresh increase.

Having said that, the price must gain strength above $0.2980 to continue higher. The next key resistance is near the $0.3040 level (the previous swing high). Finally, if the bulls gain momentum above $0.3040, the price could recover towards the $0.3100 area.

Looking at the chart, ripple price is clearly facing a major hurdle near the $0.2950 and $0.2980 levels. If there is a successful close above $0.2950 and a follow through above $0.2980, the price could continue to rise in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is struggling to gain in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just near the 50 level.

Major Support Levels – $0.2900, $0.2850 and $0.2800.

Major Resistance Levels – $0.2950, $0.2980 and $0.3040.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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