Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ripple started an upside correction from the $0.2220 support area against the US Dollar. XRP price is now testing $0.2450 and it must surpass $0.2500 for a fresh rally to $0.3000.
- Ripple price is currently recovering above the $0.2320 and $0.2400 levels against the US dollar.
- The price is now facing a couple of key resistances near $0.2450 and $0.2500.
- There is a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either start a massive rally towards $0.3000 or fail near $0.2500 for a fresh decline.
Ripple Price Facing Key Resistance
Yesterday, we saw a strong decline in ripple below the $0.2350 support area and the 100 hourly simple moving average. XRP price even traded below the $0.2250 support level and formed a new weekly low at $0.2229.
It is currently correcting higher above the $0.2300 and $0.2350 resistance levels. The price also climbed above the 23.6% Fib retracement level of the downward move from the $0.2860 high to $0.2229 swing low.
The current price action is positive, but ripple seems to be facing a couple of key hurdles near the $0.2450 and $0.2500 levels. There is also a major bearish trend line forming with resistance near $0.2430 on the hourly chart of the XRP/USD pair.
Above the trend line, the main resistance is near the $0.2500 area and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $0.2860 high to $0.2229 swing low is near the $0.2540 level to act as a significant resistance.
Therefore, a clear break above the trend line and then a follow up move above the $0.2500 resistance is must to start a strong rally. If ripple settles above the $0.2500 area and the 100 hourly SMA, the price could rise steadily towards $0.2850 and $0.3000 in the coming days.
Another Failure?
If ripple fails to climb above the $0.2450 and $0.2500 resistance levels, there are chances of another downward move. An initial support is near the $0.2350 level.
A successful close below the $0.2350 support level may perhaps restart downtrend. The next key supports on the downside are visible near the $0.2250 and $0.2220 levels.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level, with a positive bias.
Major Support Levels – $0.2350, $0.2250 and $0.2220.
Major Resistance Levels – $0.2450, $0.2500 and $0.2540.
