Key Highlights
- Ripple price is struggling to move above the $0.1950 resistance against the US Dollar.
- There is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD (data source from Kraken).
- The price has to move above the $0.1950 and $0.2000 resistance levels to gain momentum.
Ripple price is ranging with a slight bearish bias against the US Dollar and Bitcoin. XRP/USD needs to settle above $0.2000 for further gains in the near term.
Ripple Price Upside Hurdle
There was not much of action in Ripple price as it failed to break the $0.2000 handle against the US Dollar. There is a slow and steady decline in place with current upside hurdle near $0.1950. The price seems to be struggling to gain momentum above $0.1950 and recently moved below the 100 hourly simple moving average. It is a short-term bearish sign below $0.2000.
The price is currently trading just below the 23.6% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high. On the upside, there is a major connecting bearish trend line forming with resistance at $0.1950 on the hourly chart of XRP/USD. A break and close above the trend line resistance at $0.1950 might call for a test of $0.2000. The mentioned $0.2000 level is the most important hurdle for buyers in the near term.
A successful close above the $0.2000 level is needed for buyers to gain momentum towards $0.2250. On the downside, the next important support is the 50% Fib retracement level of the last wave from the $0.1500 low to $0.1970 high at $0.1733. The price might range trade in the short term with minor dips towards the $0.1800 and $0.1750 levels.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below 50 level.
Major Support Level – $0.1800
Major Resistance Level – $0.1950
Charts courtesy – Trading View, Kraken
