Ripple Price (XRP) Hesitates But Further Recovery Seems Likely

Aayush Jindal

1 year ago

2 mins read

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Ripple price is holding the $0.2650 support and is correcting higher against the US dollar.
Bitcoin price rallied 5%, but it failed to continue above the $10,500 resistance area.
There is a key major bullish trend line with support near $0.2680 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to extend its recovery towards the key $0.2900 and $0.2920 resistance levels.

Ripple price is showing signs of a decent recovery against the US Dollar, but struggling vs bitcoin. XRP price might climb higher above $0.2800, but $0.2900-0.2920 could cap upsides.

Ripple Price Analysis

This past week, XRP price extended its decline below the $0.2800 support against the US Dollar. Moreover, the price traded below $0.2620 and tested the $0.2580 support area. Later, there was a decent upward move above the $0.2650 and $0.2700 resistance levels. Moreover, the price climbed above the $0.2750 resistance plus the 100 hourly simple moving average, and traded towards the $0.2800 resistance.

A swing high is formed near the $0.2806 and it is currently correcting gains. It traded below the $0.2780 level plus the 23.6% Fib retracement level of the recent wave from the $0.2658 low to $0.2806 high. On the downside, there are a few key supports near the $0.2740 and $0.2720 levels. The main support is near the $0.2715 and the 100 hourly simple moving average.

Moreover, there is a key major bullish trend line with support near $0.2680 on the hourly chart of the XRP/USD pair. An immediate support is near the $0.2730 level. It represents the 50% Fib retracement level of the recent wave from the $0.2658 low to $0.2806 high. Therefore, ripple bulls might protect the $0.2700-0.2720 support area in the coming sessions.

On the upside, an initial resistance is near the $0.2780 and $0.2800 levels. A successful close above the $0.2800 resistance could open the doors for a decent ride. The main resistances are near the $0.2900 ad $0.2920 levels (the ones acted as a strong barrier this past week). Conversely, if the price fails to stay above the $0.2700 support and the trend line, it could continue to decline in the coming sessions.

Looking at the chart, ripple price is showing a few positive signs above the $0.2700 support and pivot area. However, the price must gain momentum above the $0.2800 resistance to revisit the main $0.2900 resistance in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently placed nicely in the bullish zone.

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

Major Support Levels – $0.2720, $0.2700 and $0.2680.

Major Resistance Levels – $0.2780, $0.2800 and $0.2900.

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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