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 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.
