Ripple Price (XRP) Trading Near Make-or-Break Levels

Aayush Jindal

1 year ago

2 mins read

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Ripple price found support near $0.2960 and recently recovered higher against the US dollar.
The price traded above the $0.3100 resistance area, but it is struggling to break the $0.3200-0.3230 area.
The bulls are struggling to gain strength above a bearish trend line with resistance at $0.3185 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price must gain strength above $0.3200 and $0.3230 to continue higher in the near term.

Ripple price is slowly recovering against the US Dollar, while bitcoin gained nearly 8%. XRP price is now facing a strong resistance near $0.3230, above which it could continue higher.

Ripple Price Analysis

Yesterday, we saw a sharp decline in bitcoin and Ethereum, pushing ripple price below $0.3200 against the US Dollar. The XRP/USD pair even spiked below the $0.3000 support and settled below the 100 hourly simple moving average. A new swing low was formed near $0.2960 and the price recently started an upside correction. It managed to move above the $0.3040 and $0.3050 resistance levels.

Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $0.3505 high to $0.2959 low. However, the price is facing a strong resistance near the $0.3200 and $0.3210 levels. Additionally, the bulls struggle to gain strength above a bearish trend line with resistance at $0.3185 on the hourly chart of the XRP/USD pair.

The 50% Fib retracement level of the last drop from the $0.3505 high to $0.2959 low is also near the $0.3230 level to act as a strong resistance. Above $0.3230, the 100 hourly SMA is positioned near the $0.3250 level. Therefore, the bulls are likely to struggle to gain strength above $0.3230 and the 100 hourly SMA. Should there be a successful close above $0.3230 and the 100 hourly SMA, ripple price could recover towards the $0.3500 level.

On the other hand, if the price fails to gain above $0.3200 or $0.3230, it could resume its decline. An immediate support is near the $0.3100 level, below which the price could test the $0.3000 support area.

Looking at the chart, ripple price is currently trading near a crucial resistance at $0.3200-0.3230. It could either continue higher above $0.3230 and $0.3250 or start a fresh decline towards $0.3000. Should there be a downside break below $0.3000, the price may perhaps decline towards the $0.2850 support level in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is likely to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.3100, $0.3000 and $0.2950.

Major Resistance Levels – $0.3200, $0.3230 and $0.3250.

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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