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 extended its decline and tested the $0.2800 support against the US Dollar. XRP price is likely to start a slow and steady rise as long as it is above the $0.2800 support.
- Ripple failed to stay above the $0.2850 support and tested the $0.2800 region against the US dollar.
- The price traded to a new weekly high at $0.2790 level and it is now well above the 100 hourly SMA.
- There was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently struggling to gain bullish momentum above $0.2905 and $0.2920.
Ripple Price Holding $0.2800
In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.
A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.
Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low. However, the bulls seem to be struggling to gain strength above the $0.2905 and $0.2920 resistance levels.
Ripple price below $0.2920. Source: TradingView.com
If there is a clear break above the $0.2920 resistance, the price could rise towards the $0.3000 resistance. It seems like there is a major hurdle forming near the $0.3000 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $0.3274 high to $0.2790 low is also near $0.3030.
A successful close above the $0.3000 and $0.3020 could open the doors for a fresh increase. In the mentioned case, the price could rise towards the $0.3120 and $0.3155 levels.
Key Uptrend Support for XRP
The main support is clearly near the $0.2800 region. If ripple fails to settle above $0.2920, there is a risk of a downside break below $0.2800.
A daily close below the $0.2800 support level is likely to open the doors for a larger decline. The next major supports could be $0.2650 and $0.2620.
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 just above the 40 level.
Major Support Levels – $0.2820, $0.2800 and $0.2750.
Major Resistance Levels – $0.2905, $0.2920 and $0.3000.
