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Ripple (XRP)
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Ripple (XRP) Showing Signs of Weakness But $0.25 Holds The Key

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

Ripple failed to clear the key $0.3080 resistance and declined sharply against the US Dollar. XRP price is down 5%, but there are many key supports on the downside.

  • Ripple price started a strong decline after it was rejected near the $0.3080 area against the US dollar.
  • The price is down more than 5% and it is approaching the $0.2680 support area.
  • There was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price is likely to find a strong buying interest near $0.2680 or $0.2500.

Ripple Price Approaching Key Supports

Yesterday, we saw a decent recovery wave in ripple above $0.2800 resistance. XRP price even climbed above the $0.2950 resistance and the 100 hourly simple moving average.

Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $0.3470 high to $0.2675 swing low. However, the upward move was capped by the key $0.3070 and $0.3080 resistance levels (as discussed yesterday).

Moreover, the 50% Fib retracement level of the downward move from the $0.3470 high to $0.2675 swing low acted as a strong hurdle for the bulls. As a result, ripple price started a strong decline below the $0.2900 support area.

During the decline, there was a break below a key ascending channel with support near $0.2920 on the hourly chart of the XRP/USD pair. It opened the doors for more losses below the $0.2850 support and the 100 hourly simple moving average.

Ripple Price
Ripple Price

The price is down more than 5% and it is trading near the $0.2750 level. On the downside, the first key support is near the $0.2700 and $0.2680 levels. The main support is near the $0.2500 area, where the bulls are likely to take a stand. Any further losses could lead the price towards the $0.2200 support area.

Another Recovery?

If ripple stays above the $0.2680 support area, it could start another recovery wave. An initial resistance is near the $0.2900 resistance and the 100 hourly simple moving average.

To start a convincing upward move, the price must gain traction above the $0.3000 and $0.3080 resistance levels. If not, there is a risk of a drop towards the $0.2500 support area in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level, with a few recovery signs.

Major Support Levels – $0.2700, $0.2680 and $0.2500.

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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