Ripple (XRP) Price Struggling To Hold Key Uptrend Support

Aayush Jindal

1 year ago

2 mins read

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Ripple price is holding an important support area near the $0.2880 level against the US dollar.
The price is facing a lot of hurdles on the upside near the $0.2940 and $0.2950 levels.
There is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair (data source from Kraken).
Ethereum is facing hurdles and struggling to climb above $182 and $185.

Ripple price is currently under pressure below $0.2950 against the US Dollar, while bitcoin is consolidating. XRP price must stay above $0.2880 to recover in the near term.

Ripple Price Analysis

After facing resistance near $0.3000, ripple started a fresh downward move. XRP price traded below the $0.3000 support area to move into a short term bearish zone. Moreover, there was a close below the $0.3000 level and the 100 hourly simple moving average.

Finally, the price traded below the $0.2950 support area and tested the $0.2880 support zone. The recent low was formed near $0.2889 and the price is currently correcting higher.

An immediate resistance is near the $0.2930 level and the 100 hourly SMA. The next key resistance area is near the $0.2940 level. Besides, the 50% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low is near the $0.2935 level.

More importantly, there is a major bearish trend line forming with resistance near $0.2945 on the hourly chart of the XRP/USD pair. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $0.2981 high to $0.2889 low.

Therefore, an upside break above the $0.2950 zone is needed for the bulls to take over. In the mentioned case, ripple could recover and trade towards the $0.3000 resistance. The next major resistance is near the $0.3050 and $0.3060 levels.

On the downside, an initial support is near the $0.2900 area. However, the main support is near the $0.2880 level. If there is a daily close below $0.2880, the price could accelerate lower towards the $0.2850 and $0.2840 levels in the near term.

Looking at the chart, ripple price is facing many hurdles on the upside near $0.2950. Having said that, as long as there is no close below the $0.2880 support, there are chances of a fresh increase above the $0.2950 zone. Conversely, the price could start an extended decline towards $0.2840 or even $0.2800.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising and it may break the 50 level.

Major Support Levels – $0.2900, $0.2880 and $0.2850.

Major Resistance Levels – $0.2940, $0.2950 and $0.3000.

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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