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Ripple is down more than 4% after it was rejected near $0.2450 against the US Dollar, similar to bitcoin near $8,900. XRP price is now approaching the key $0.2230 and $0.2200 support levels.
- Ripple price declined steadily after forming a short term top near $0.2451 against the US dollar.
- The price is down more than 8% from the recent high and it is now well below $0.2320.
- Recently, there was a break below a key triangle support at $0.2234 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the $0.2200 support level and the 100 hourly SMA to recover losses.
Ripple Price Approaching Support
This week, we saw a nice upward move in bitcoin, Ethereum and ripple against the US Dollar. XRP price climbed above the $0.2250 and $0.2320 resistance levels.
Moreover, there was a break above the $0.2400 resistance and the price traded to a new 2020 high at $0.2451. A short term top seems to have formed near the $0.2451 level and the price is currently declining.
It already broke the $0.2320 support level. Besides, there was a break below a key triangle support at $0.2234 on the hourly chart of the XRP/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $0.2099 low to $0.2451 high.
Ripple is now trading near the key $0.2230 support level and the 100 hourly simple moving average. Additionally, the 61.8% Fib retracement level of the upward move from the $0.2099 low to $0.2451 high is also near the $0.2230 zone.
The next major support or the last line of defense is near the $0.2200 level. A successful break and close below the $0.2200 support and the 100 hourly simple moving average could put the bulls on the back foot and the price might slide towards the $0.2120 support.
What If XRP Stays Above $0.2200?
As long as XRP price is above the $0.2200 support level, it could start a fresh increase. An initial resistance is near the $0.2275 and $0.2280 levels.
The main resistance for ripple is near the $0.2320 level, above which the bulls are likely to gain momentum. In the mentioned bullish case, the price could revisit the recent high or $0.2451 in the coming days.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now recovering towards the 50 level.
Major Support Levels – $0.2230, $0.2210 and $0.2200.
Major Resistance Levels – $0.2275, $0.2320 and $0.2350.
