Ripple (XRP) Lacks Momentum Despite BTC & ETH Rally, Can Bulls Make It?

Aayush Jindal

1 year ago

2 mins read

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Ripple price is slowly rising and it is now trading above $0.1950 against the US dollar.
The price seems to be lacking bullish momentum above the $0.1980 and $0.2000.
There is a key bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is showing positive signs and it is likely to continue higher above the $135 resistance.

Ripple price is struggling to clear a few key hurdles against the US Dollar, while bitcoin is rallying. XRP price could gain traction once there is a close above $0.2000.

Ripple Price Analysis

In the past few hours, there was a strong rise in bitcoin and Ethereum, but ripple price struggled to catch up against the US Dollar. XRP price formed a decent support near the $0.1900 and recently started a steady rise.

Moreover, there was a break above the $0.1940 resistance and the 100 hourly simple moving average. The price traded as high as $0.1988 and it seems like the bulls are lacking strength.

A minor correction is underway below $0.1980. An initial support is near the 23.6% Fib retracement level of the recent wave from the $0.1892 low to $0.1988 high. On the downside, there is a decent support forming near the $0.1950 level.

Besides, there is a key bullish trend line forming with support near $0.1950 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.1892 low to $0.1988 high is near the $0.1940 level.

If there is a downside break below $0.1950 and $0.1940, ripple could move back towards the $0.1920 level and the 100 hourly simple moving average. The main support is near the $0.1900 level, below which the price could move back into the positive zone.

On the upside, there are a few important hurdles forming near the $0.1980 and $0.2000 levels. A successful break above the $0.2000 level is needed for the bulls to gain strength. The next major resistance is seen near $0.2120 and $0.2150.

Looking at the chart, ripple price is clearly lacking momentum compared to bitcoin and Ethereum. However, if the price succeeds in clearing the $0.2000 hurdles, the bulls are likely to take over and the price could rally above $0.2100.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well above 50 and it is currently lower.

Major Support Levels – $0.1950, $0.1940 and $0.1900.

Major Resistance Levels – $0.1980, $0.2000 and $0.2050.

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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