Ripple (XRP) Price Trading Near Crucial Juncture, Can Bulls Make It?

Aayush Jindal

1 year ago

2 mins read

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Ripple price is currently correcting higher and is trading above $0.2520 against the US dollar.
The price seems to be approaching a major resistance area near the $0.2600 level.
This week’s crucial bearish trend line is intact with resistance near $0.2600 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is also correcting higher, but it is likely to face resistance near $180.

Ripple price is gaining bullish momentum against the US Dollar and bitcoin. However, XRP price must break the $0.2600 resistance to move into a positive zone.

Ripple Price Analysis

This week, we saw a sharp decline in ripple below the $0.2500 support area against the US Dollar. Moreover, XRP/USD broke the $0.2450 support area and settled well below the 100 hourly simple moving average.

Finally, the price tested the $0.2400 support area and recently started an upside correction. It broke the $0.2450 and $0.2480 levels to start the current correction wave. Besides, there was a break above a connecting bearish trend line with resistance near $0.2500 on the hourly chart of the XRP/USD pair.

Ripple is now trading above the 50% Fib retracement level of the downward move from the $0.2660 high to $0.2400 swing low. On the upside, there is a strong resistance near the $0.2580 level and the 100 hourly simple moving average.

Additionally, the 61.8% Fib retracement level of the downward move from the $0.2660 high to $0.2400 swing low seems to be preventing gains. The main resistance on the upside is near the $0.2600 level.

More importantly, this week’s crucial bearish trend line is intact with resistance near $0.2600 on the same chart. Therefore, a clear break above the $0.2580 and $0.2600 resistance levels might push the price back into a bullish zone.

In the mentioned bullish scenario, the price is likely to rise towards the $0.2720 and $0.2750 resistance levels. Conversely, the price may perhaps struggle to break the $0.2600 resistance and it could start a fresh decline.

An initial support is near the $0.2520 level, followed by $0.2500. Any further losses might lead the price back towards the $0.2400 support area in the near term.

Looking at the chart, ripple price is nicely correcting above the $0.2520 resistance. Having said that, the bulls are clearly facing an uphill task near the $0.2580 and $0.2600 resistance levels. If they fail to gain momentum above $0.2600, the price could resume its decline.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards 55 or 50.

Major Support Levels – $0.2520, $0.2450 and $0.2400.

Major Resistance Levels – $0.2580, $0.2600 and $0.2685.

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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