Ripple Bulls Protecting Crucial Support But Can They Gain Momentum?

Aayush Jindal

1 year ago

2 mins read

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Ripple price declined recently, but it managed to stay above the $0.3480 support against the US dollar.
The price must stay above the $0.3480 support to avoid a downside break in the near term.
There are a couple of short term bearish trend lines in place with resistance near $0.3595 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a major downside move if it settles below the $0.3480 support level in the near term.

Ripple price is currently consolidating against the US Dollar and bitcoin. XRP bulls might lose control if there is a downside break below the $0.3480 support area.

Ripple Price Analysis

In the past few sessions, we mostly saw range moves below $0.3700 in ripple price against the US Dollar. Earlier, the XRP/USD pair made a few attempts to break the $0.3700 and $0.3740 resistance levels. However, bulls failed to gain bullish momentum above $0.3740 and the price retreated from highs. It broke the $0.3650 support and settled below the $0.3600 level plus 100 hourly simple moving average. The recent swing low was formed at $0.3488 and the price is currently consolidating in a tight range.

It is currently trading near a short term bearish trend line at $0.3520 and the 23.6% Fib retracement level of the recent decline from the $0.3696 high to $0.3488 low. An immediate resistance is near the $0.3560 level and the 100 hourly SMA. Besides, there is another short term bearish trend line in place with resistance near $0.3595 on the hourly chart of the XRP/USD pair. It coincides with the 50% Fib retracement level of the recent decline from the $0.3696 high to $0.3488 low.

Therefore, a break above the trend line and $0.3600 might clear the path for more gains. The next key resistance could be near $0.3700, above which the price is likely to test the key $0.3740 resistance. On the other hand, the $0.3480 support holds the key. If bulls fail to protect the $0.3480 support, there could be a sharp drop. The next major support is near the $0.3250 level, where buyers are likely to emerge.

Looking at the chart, ripple price seems to be approaching the next key break either above $0.3600 or below $0.3480. As long as bulls continue to protect the $0.3480 support, there could be a solid upward move in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD bounced back recently and moved above the 50 level.

Major Support Levels – $0.3510, $0.3480 and $0.3250.

Major Resistance Levels – $0.3595, $0.3600 and $0.3700.

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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