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 corrected lower sharply and broke the $0.3000 support area against the US Dollar. XRP is now trading near the key $0.2640 support and it must break $0.2900 for a fresh increase.
- Ripple price is currently consolidating above the key $0.2640 support area against the US dollar.
- Bitcoin is also trading in a range above the key $10,500 support area.
- There is a major bearish trend line forming with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- A clear break above $0.2900 and $0.3000 is needed for a run towards the $0.3400 area.
Ripple Price Could Rally Once Again
This week, we saw a strong downside correction in ripple below the $0.3200 and $0.3000 support levels against the US Dollar. XRP price even settled below the $0.3000 area and the 100 simple moving average (4-hours).
Finally, it broke the $0.2800 support and tested the key $0.2640 support area. A swing low is formed near $0.2609 and the price is currently consolidating. It recovered above the 23.6% Fib retracement level of the recent decline from the $0.3089 high to $0.2609 low.
On the upside, there are many key hurdles forming for ripple near $0.2900 and $0.3000. Besides, there is a major bearish trend line forming with resistance near $0.2860 on the 4-hours chart of the XRP/USD pair.
The trend line coincides with the 50% Fib retracement level of the recent decline from the $0.3089 high to $0.2609 low. Above the trend line, the 100 simple moving average (4-hours) is positioned near the $0.2900 level.
Therefore, a clear break above the $0.2900 and $0.3000 levels is needed for a fresh increase in the near term. In the mentioned case, the price could rally towards the $0.3400 and $0.3500 levels
Major Breakdown Zone
The main support on the downside is near the $0.2640 level. If ripple price fails to continue above the $0.3000 resistance, there is a risk of a bearish breakdown below the $0.2640 support area.
The next key support is near the $0.2460 level, below which the bears are likely to aim a larger decline. In this case, the next target for the bears could be near the $0.2000 level in the coming days.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is about to move back into the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting high towards the 50 level.
Major Support Levels – $0.2640, $0.2450 and $0.2200.
Major Resistance Levels – $0.2860, $0.2900 and $0.3000.
