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Ripple XRP
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Ripple (XRP) Bulls Facing Uphill Task & Risk of Short Term Correction Escalates

Aayush Jindal by Aayush Jindal
4 years ago
in Ripple, Technical analysis
Reading Time: 2 mins read

Ripple is facing a significant resistance near the $0.2900 area against the US Dollar. XRP price could decline a few points towards $0.2700 before it could rise again.

  • Ripple price is struggling to climb towards the main $0.3000 resistance area against the US dollar.
  • There were more than two rejections noted near the $0.2880-$0.2900 area.
  • There is a short term declining channel forming with resistance near $0.2825 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could correct lower towards the $0.2700 and $0.2650 levels in the near term.

Ripple Price Facing Hurdles

After a successful break above the $0.2650 resistance, ripple extended its rise above the $0.2750 resistance. Moreover, XRP settled above the $0.2800 level and 100 hourly simple moving average.

However, the bulls struggled to clear the $0.2900 area and there was no test of the $0.3000 barrier. It seems like there were more than two rejections near the $0.2880-$0.2900 area.

The last swing high was near $0.2891 before ripple started a downward move. It broke the 23.6% Fib retracement level of the upward move from the $0.2634 low to $0.2891 high.

At the outset, there is a short term declining channel forming with resistance near $0.2825 on the hourly chart of the XRP/USD pair. The pair is currently testing the $0.2800 area and the 100 hourly SMA.

Ripple Price
Ripple Price

An immediate support is near the $0.2760 level. It coincides with the 50% Fib retracement level of the upward move from the $0.2634 low to $0.2891 high. If the price fails to stay above the $0.2760 support area, there is a risk of a drop towards the $0.2700 support area.

Any further losses may perhaps lead the price towards the $0.2640 support area or the last swing low. An intermediate support is seen near the $0.2695 level.

Test of $0.3000?

In the short term, there could be a minor decline below $0.2800 and $0.2750. However, the bulls are likely to protect strong losses in ripple below $0.2700 or $0.2650.

Once the current correction wave is complete, the price is likely to attempt a clear break above the $0.2900 resistance. In the mentioned case, there are chances of XRP hitting the main $0.3000 resistance in the near term.

Technical Indicators

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

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

Major Support Levels – $0.2800, $0.2700 and $0.2640.

Major Resistance Levels – $0.2880, $0.2900 and $0.3000.

Tags: Ripplexrp
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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