Bitcoin Rallies 8% While Ripple Price (XRP) Continues To Struggle
- Ripple price traded to a new monthly low at $0.3810 and corrected higher support against the US dollar.
- The price is struggling to gain bullish momentum and it is still trading well below $0.4275.
- Yesterday’s highlighted key bearish trend line was breached with resistance near $0.3985 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Ethereum price is currently recovering and it is already trading above the key $292 resistance.
Ripple price is still facing a lot of hurdles against the US Dollar, while bitcoin rallied more than 8%. XRP price could slowly rise, but it might struggle near $0.4120 or $0.4200.
Ripple Price Analysis
After a strong decline, bitcoin price found support near $9,700 and recently rallied above $11,000, but ripple price remained in a bearish zone against the US Dollar. Earlier, the XRP/USD pair extended losses below the $0.2900 and $0.2850 levels. A new monthly low was formed near $0.3810 before the price started a fresh recovery. It broke the $0.3900 and $0.3920 resistance levels.
Moreover, yesterday’s highlighted key bearish trend line was breached with resistance near $0.3985 on the hourly chart of the XRP/USD pair. The pair even climbed above the 61.8% Fib retracement level of the last decline from the $0.4085 high to $0.3810 low. However, ripple price is now facing resistance near the $0.4050 level and the 100 hourly simple moving average.
A successful close above the $0.4050 resistance might push the price further higher. An immediate resistance could be near the $0.4085 or $0.4100 level. The next resistance could be $0.4150. Moreover, the 1.236 Fib extension level of the last decline from the $0.4085 high to $0.3810 low is also near the $0.4145 level. If the bulls gain pace, ripple price might revisit the $0.4200 or $0.4200 resistance.
If the price struggles to move above $0.4050 or $0.4100, it could decline once again. An immediate support is near the $0.4000 level. A downside break below $0.4000 might open the doors for more losses towards the $0.3850 or $0.3800 levels.
Looking at the chart, ripple price is slowly recovering above $0.4000. However, a convincing close above $0.4050 plus the 100 hourly SMA is needed for more gains. Besides, if bitcoin continues its rise, there are chances of a slow and steady rise in altcoins. The next stop for XRP might be $0.4275, which is the main resistance for this week.
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 well above the 50 and 55 levels.
Major Support Levels – $0.4000, $0.3920 and $0.3850.
Major Resistance Levels – $0.4050, $0.4100 and $0.4150.
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Aayush Jindal, Khareem Sudlow