Ripple Price (XRP) Facing Many Hurdles While Bitcoin Testing $12K

Aayush Jindal

1 year ago

2 mins read

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Ripple price remained in a bearish zone below the $0.3150 and $0.3180 resistances against the US dollar.
The price is consolidating above the $0.3065 and $0.3080 support levels.
There is a major bearish trend line forming with resistance near $0.3160 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to struggle near the $0.3150, $0.3180 and $0.3200 resistance levels.

Ripple price is trading below many key resistances against the US Dollar and bitcoin. XRP price could start a fresh increase once there is a daily close above $0.3200.

Ripple Price Analysis

In the past few sessions, there was a steady decline in ripple price from the $0.3320 swing high against the US Dollar, while Ethereum and bitcoin remained stable. The XRP/USD pair broke many key supports near the $0.3220 and $0.3200 levels to enter a bearish zone. Moreover, there was a break below the $0.3150 support and the 100 hourly simple moving average. Finally, the price broke the $0.3100 level and traded to a new weekly low near $0.3065.

Recently, there was an upside correction above the $0.3125 level. Moreover, the price broke the 23.6% Fib retracement level of the downward move from the $0.3320 swing high to $0.3065 low. However, the upward move was capped by the $0.3150-0.3160 resistance area. Additionally, the price remained well below the 50% Fib retracement level of the downward move from the $0.3320 swing high to $0.3065 low.

As a result, the price declined again and retest the $0.3065 level. It seems like there is a strong resistance forming near the $0.3150 and $0.3160 levels. Furthermore, there is a major bearish trend line forming with resistance near $0.3160 on the hourly chart of the XRP/USD pair. Therefore, a successful break above $0.3150 and the bearish trend line might push the price further higher.

The main resistances are near $0.3200 and $0.3220, above which the price could start a fresh increase towards the $0.3320 level. On the downside, an immediate support is near the $0.3065 level. If the bulls fail to defend the $0.3065 support, the price could retest the $0.3000 support in the near term.

Looking at the chart, ripple price is facing an uphill task near the $0.3150, $0.3160 and $0.3200 levels. As long as the price is below the mentioned levels, there is a risk of more downsides below the $0.3065 support.

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 is still below the 50 level, with a bearish angle.

Major Support Levels – $0.3080, $0.3065 and $0.3020.

Major Resistance Levels – $0.3150, $0.3160 and $0.3200.

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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