Ripple (XRP) Price Bearish Bias Intact Despite 5% Rally

Aayush Jindal

1 year ago

2 mins read

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Ripple price is currently correcting from the new monthly low of $0.2005 against the US dollar.
The price might correct further higher, but the $0.2270 resistance is a crucial hurdle for buyers.
There is a major bearish trend line forming with resistance near $0.2205 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price is likely to resume its decline if it fails to climb above $0.2250 and $0.2270.

Ripple price is trading with a short term positive bias against the US Dollar, while bitcoin rallied 8%. However, XRP price is still in downtrend unless it breaks $0.2270 and $0.2350.

Ripple Price Analysis

Yesterday, we saw another drop in ripple below the $0.2250 and $0.2120 support levels against the US Dollar. Moreover, XRP/USD settled below the $0.2250 level and the 100 hourly simple moving average.

Finally, it traded to a new multi-month low at $0.2005 before the price started an upside correction. It climbed more than 5% and surpassed the $0.2120 and $0.2150 resistance levels.

Besides, the price spiked above 50% Fib retracement level of the downward move from the $0.2350 high to $0.2005 low. The bulls even pushed the price above the $0.2220 level, but they faced a strong resistance near the $0.2250 level.

A high was formed near $0.2250 and ripple price is currently trimming gains. It traded below the $0.2220 and $0.2200 levels. Additionally, there was a break below the 23.6% Fib retracement level of the recent wave from the $0.2005 low to $0.2250 high.

On the downside, there is a major support forming near the $0.2120 level. It also represents the 50% Fib retracement level of the recent wave from the $0.2005 low to $0.2250 high.

Therefore, the price might find bids near $0.2130 and $0.2120. If the bulls fail to protect $0.2120, the price is likely to resume its decline and revisit the $0.2000 support area.

Conversely, the price could make another attempt to clear the $0.2250 resistance area. More importantly, there is a major bearish trend line forming with resistance near $0.2205 on the hourly chart of the XRP/USD pair.

Thus, the bulls are clearly facing a lot of hurdles, starting with $0.2205 and up to $0.2270. The main resistance is near the $0.2350, above which the price could turn bullish.

Looking at the chart, ripple price is likely to continue higher, but the bears will most likely protect an upside break above $0.2250 and $0.2270.

Technical Indicators

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

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

Major Support Levels – $0.2150, $0.2120 and $0.2000.

Major Resistance Levels – $0.2205, $0.2250 and $0.2270.

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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