Ripple (XRP) Price Facing Hurdles: ETH & BTC Recovering Nicely

Aayush Jindal

1 year ago

2 mins read

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Ripple price is slowly recovering, but struggling to gain momentum above $0.2800 against the US dollar.
The price is facing a lot of hurdles on the upside near the $0.2820 and $0.2840 levels.
There is a key bearish trend line forming resistance near $0.2840 on the hourly chart of the XRP/USD pair (data source from Kraken).
Both Ethereum and bitcoin are recovering above $188 and $9,000 respectively.

Ripple price is struggling to correct higher against the US Dollar and bitcoin. XRP price is likely to decline again if it fails to surpass $0.2840 and $0.2850.

Ripple Price Analysis

This past week, there was a sharp decline in ripple below the $0.3000 support area against the US Dollar. XRP/USD declined heavily and broke many supports near the $0.2950 and $0.2850 levels.

Moreover, there was a close below the $0.2850 level and the 100 hourly simple moving average. As a result, there was a break below $0.2800 and the price traded as low as $0.2701.

Later, there was an upside correction above the $0.2750 resistance level. Besides, the price traded above the 23.6% Fib retracement level of the downward move from the $0.2923 high to $0.2701 low.

Ripple even recovered above the $0.2800 level, but it is facing a strong resistance near the $0.2840 and $0.2850 levels. Additionally, the 50% Fib retracement level of the downward move from the $0.2923 high to $0.2701 low is acting as a resistance.

More importantly, there is a key bearish trend line forming resistance near $0.2840 on the hourly chart of the XRP/USD pair. The 100 hourly SMA is also positioned near the trend line and the $0.2850 resistance.

Therefore, ripple price must surpass the $0.2850 resistance and the 100 hourly SMA to start a decent recovery in the near term. The next key resistance is near the $0.2900 and $0.2910 levels.

On the downside, an immediate support is near the $0.2750 level. If there is a bearish break below the $0.2750 support, the price could revisit the $0.2700 support area. Any further losses may perhaps push the price towards the $0.2650 support area.

Looking at the chart, ripple price is clearly facing a lot of important hurdles near the $0.2840 and $0.2850 levels. A clear break above the $0.2850 resistance might start a recovery towards the $0.3000 resistance area. If not, there is a risk of more losses below the $0.2750 and $0.2700 support levels.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is still moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently under pressure below the 50 level.

Major Support Levels – $0.2750, $0.2700 and $0.2650.

Major Resistance Levels – $0.2840, $0.2850 and $0.2910.

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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