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 started an upside above the $0.2850 resistance area against the US Dollar. However, XRP price is still facing a couple of key hurdles near $0.3000 and $0.3080.
- Ripple price is currently correcting higher from the $0.2677 swing low against the US dollar.
- The price is trading above $0.2850, but it is still facing many key resistances.
- There is a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price struggle to continue above the $0.3000 and $0.3080 resistance levels in the near term.
Ripple Price Near Crucial Juncture
After a strong decline below $0.3000 and the 100 hourly simple moving average, ripple found support near the $0.2650 area. XRP traded as low as $0.2677 and recently started a steady recovery above the $0.2700 level.
There was a break above the $0.2750 and $0.2800 resistance levels. Moreover, there was a break above the 23.6% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low.
The price even climbed above the $0.2950 resistance area. However, ripple is currently facing a strong resistance near the $0.3000 pivot level and the 100 hourly simple moving average.
More importantly, there a key bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. Above the trend line, there is a key hurdle forming near the $0.3070 and $0.3080 levels.
Besides, the 50% Fib retracement level of the main decline from the $0.3470 high to $0.2677 low is also near the $0.3080 area. Therefore, a successful close above the $0.3080 resistance area is needed for a strong rise in the coming sessions.
If there is a clear close above $0.3080 and $0.3100, there are high chances of another rally towards the $0.3200 and $0.3320 levels.
Another Failure?
We cannot discard the chances of another failure near the $0.3000 resistance area and the 100 hourly SMA. In the mentioned case, the price is likely to continue lower towards the $0.2850 and $0.2800 levels.
The main support for ripple is still near the $0.2650 area, below which the price could start a strong decline towards the $0.2500 pivot area 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 currently just above the 50 level, with a bearish angle.
Major Support Levels – $0.2850, $0.2800 and $0.2650.
Major Resistance Levels – $0.3000, $0.3070 and $0.3080.
