Ripple extended its rise above the $0.2450 resistance against the US Dollar, similar to bitcoin above $8,800. XRP price topped near the $0.2540 area and recently corrected lower.
- Ripple price is down more than 6% and broke the $0.2400 support against the US dollar.
- The price is now trading below $0.2350, but there are many key supports on the downside.
- There was a break below a major bullish trend line with support near $0.2370 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could decline towards the $0.2240 support area before it starts a fresh increase.
Ripple Price Approaching Support
Recently, we saw a strong rise in ripple above the $0.2400 and $0.2450 resistance levels against the US Dollar. Moreover, XRP price surged above the $0.2500 level and settled above 100 hourly simple moving average.
However, the bears were able to protect gains above the $0.2540 and $0.2550 levels. A high was formed near $0.2540 level and the price started a downside correction. Similarly, there was a strong decline in bitcoin price after it failed to clear the $9,200 resistance area.
Ripple dropped more than 6% and broke many supports near $0.2450 and $0.2400. Besides, there was a break below a major bullish trend line with support near $0.2370 on the hourly chart of the XRP/USD pair.
The pair is now trading well below the $0.2350 level and the 100 hourly simple moving average. A low is formed near $0.2269 and the price is currently correcting higher.
It is trading near the 23.6% Fib retracement level of the recent decline from the $0.2540 high to $0.2269 low. The first key resistance for ripple is near the $0.2350 level and the 100 hourly SMA.
Above $0.2350, the price could recover towards the $0.2400 resistance or the 50% Fib retracement level of the recent decline from the $0.2540 high to $0.2269 low.
On the downside, the main supports are near the $0.2240 and $0.2220 levels, where the bulls are likely to take a stand in the near term.
XRP Could Rise Again
On the upside, XRP bulls need to push the price above the $0.2400 resistance. If there is a successful close above the $0.2400, the price could start a fresh increase towards the $0.2500 and $0.2550 levels.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is declining and it is below the 45 level.
Major Support Levels – $0.2270, $0.2240 and $0.2220.
Major Resistance Levels – $0.2350, $0.2400 and $0.2500.
