Ripple (XRP) Rally Remains Attractive To The Bears If Price Surges To $0.31

Aayush Jindal

1 year ago

2 mins read

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Ripple found support near $0.2680 and recovered slightly against the US Dollar. XRP price could continue to rise, but the bears are likely to protect the $0.3100 resistance area.

Ripple price is slowly correcting higher from the $0.2677 swing low against the US dollar.
The price is back above the $0.2800 area, but it lacks bullish momentum.
Yesterday’s two connecting bearish trend lines were breached with resistance near $0.2865 on the hourly chart of the XRP/USD pair (data source from Kraken).
The price could recover towards the $0.3000, $0.3050 and $0.3100 resistance levels.

Ripple Price Facing Strong Resistance

Yesterday, we saw a strong decline in ripple from well above the $0.3200 and $0.3000 levels. XRP even settled below the $0.3000 pivot level and the 100 hourly simple moving average.

Finally, the price broke the $0.2800 support area and traded close to the $0.2650 support. A swing low is formed near $0.2677 and the price is currently recovering. It surpassed the $0.2750 and $0.2800 resistance levels to start a decent recovery.

Furthermore, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3469 high to $0.2677 low. More importantly, yesterday’s two connecting bearish trend lines were breached with resistance near $0.2865 on the hourly chart of the XRP/USD pair.

Ripple price is now trading above the $0.2900 level. However, there are many hurdles waiting on the upside, starting with $0.3000. The next resistance is near the $0.3070 level and the 100 hourly simple moving average.

Besides, the 50% Fib retracement level of the downward move from the $0.3469 high to $0.2677 low is near the $0.3070 level. Therefore, the bears are likely to put up a solid fight if the price climbs towards $0.3050 and $0.3070.

If the bulls are able to clear the $0.3070 and $0.3100 resistance levels, there could be a strong rise towards the $0.3400 and $0.3500 resistance levels.

Fresh Decline?

In the short term, there could be corrective moves above the $0.2900 and $0.2920 levels. Later, if the price fails to gain strength above $0.3000, it is likely to resume its decline.

An initial support is near the $0.2800 area. The main support for ripple is near the $0.2650 level, below which the price could decline heavily towards $0.2500 or $0.2450 in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is back above the 50 level, with a few positive signs.

Major Support Levels – $0.2800, $0.2780 and $0.2650.

Major Resistance Levels – $0.2940, $0.3000 and $0.3070.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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